Arthur Hayes buys another 1,332 ETH as accumulation streak extends

Arthur Hayes bought 1,332.5 Ether ($2.53 million) on July 20, extending his buying streak after a June exit, on-chain data show.

"Unlike the crypto bear market of 2022, Wall Street is building on Ethereum," Tom Lee, chairman of Bitmine Immersion Technologies, said.

The BitMEX co-founder sold 6,000 ETH at roughly a $606,000 loss in June before reversing course with a series of buybacks this month. His latest purchase follows two OTC-style transactions totaling about 1,939 ETH earlier in July. Ether traded at $1,906, up 1.74% over 24 hours, with a market capitalization above $230 billion, according to CoinGecko.

The accumulation renews attention on Ethereum's institutional demand thesis. Ethereum's staking ratio hit an all-time high above 33% at the end of June, according to CryptoQuant, driven partly by BlackRock's iShares Staked Ethereum ETF, which locks most of its holdings in staking contracts. Institutions and ETFs held more than 9% of total supply as of last year, a share that has likely grown since.

Standard Chartered's Geoff Kendrick argued last year that Ethereum treasuries rank among the strongest institutional crypto trades available, citing staking yield and stronger valuations compared with Bitcoin and Solana treasury vehicles. Lee pointed to BlackRock's tokenized BUIDL fund and Robinhood Chain's use of ETH as a gas token as evidence that Wall Street adoption now drives Ethereum's growth, not crypto-native speculation.

Critics have flagged Hayes' record of publicly praising tokens including HYPE, ZEC and WLD before quietly exiting those positions. His latest buy may reflect conviction in the institutional thesis or represent another short-term trade. The coming days should make it clearer.

This article is for informational purposes only and does not constitute investment advice.