Arthur Hayes, chief investment officer of family office Maelstrom and co-founder of BitMEX, purchased 3,298 ETH for $6.39 million in a transaction flagged by onchain tracker Lookonchain within hours of execution. The buy brings Hayes' total accumulation since July 15 to 7,213 ETH valued at $13.87 million at an average entry price of $1,923 per token. Hayes is currently facing a paper loss of approximately $301,000 on the position as ether trades near $1,900. The purchase coincides with a 20% monthly gain for ether and a surge in institutional demand, with ether exchange-traded funds attracting $103.90 million during the week of July 20-24—roughly triple the $33.79 million inflow to bitcoin funds over the same period.
Hayes Accumulates 7,213 ETH Since July 15 Via Tracked Wallet
Lookonchain traced the latest $6.39 million purchase to a wallet linked to Hayes, marking his third documented ETH acquisition this month. The accrual follows a 646 ETH buy through an over-the-counter trade with Galaxy Digital and a separate 1,293 ETH purchase, together pushing his running total past 3,270 ETH before the most recent transaction. Hayes stepped down as BitMEX chief executive in 2021 and has since built a public track record as a macro commentator, alternating between crypto accumulation and defensive sell-offs tied to liquidity conditions. Maelstrom discloses little about its formal positioning, making wallet-tracking services like Lookonchain the primary window into Hayes' activity.
June Sale Locked $606,000 Loss Before Reversal
The buying spree represents an abrupt shift from Hayes' June posture, when a wallet tied to him sold 6,000 ETH for approximately $10.14 million at an average price near $1,690. That sale locked in an estimated $606,000 loss on ETH accumulated weeks earlier at an average entry near $1,793. In August 2025, a wallet linked to Hayes sold $13.35 million in crypto assets, including 2,373 ETH, citing concerns over a looming U.S. tariff bill. In an April note, Hayes argued that wartime-driven inflation, regulatory changes freeing bank balance sheets, and coordination between the Treasury and Federal Reserve would combine to push total credit creation past $4 trillion, stating bitcoin would go higher. He has since extended a version of that liquidity argument to ether, treating pullbacks as entry points.
Ether ETFs Pull $103.90 Million in Single Week
Ether changed hands near $1,900 on July 28, up roughly 20% for the month, though the token remains down about 49% from a year earlier. Ether exchange-traded funds pulled in $103.90 million during the week of July 20-24, approximately three times the $33.79 million bitcoin funds attracted over the same stretch. The inflow gap suggests institutional allocators are rotating toward ether even as traders like Hayes navigate the asset with volatility in their positioning.
Frequently Asked Questions
What did Arthur Hayes buy on his latest ETH purchase?
Arthur Hayes purchased 3,298 ETH for $6.39 million in a transaction flagged by Lookonchain within hours of execution, bringing his total since July 15 to 7,213 ETH at an average entry of $1,923.
Why did Hayes sell ETH in June before buying again in July?
In June, a wallet tied to Hayes sold 6,000 ETH for roughly $10.14 million at an average price near $1,690, locking in an estimated $606,000 loss on ETH acquired at $1,793, before reversing course with renewed accumulation starting July 15.
How much did ether ETFs attract compared to bitcoin funds in late July?
Ether exchange-traded funds pulled in $103.90 million during the week of July 20-24, roughly three times the $33.79 million inflow to bitcoin funds over the same period.
