Arthur Hayes has bolstered Ethereum’s bullish narrative by acquiring 1,290 ETH, valued at approximately $2.5 million, through FalconX. The purchase followed a deliberate deposit and signaled an accumulation strategy during market uncertainty. While Hayes’ move shifted attention to institutional confidence, exchange inflow data showed $5.58 million in positive Spot netflows, indicating some holders prepared for selling. However, derivative markets revealed strong bullish conviction, with Open Interest rising to $11.97 billion and Funding Rates surging over 3,000%. Ethereum’s price continued its recovery from June lows but faced rejection at the $1,945 resistance level, with buyers still in control.
Arthur Hayes strengthened Ethereum’s bullish narrative after acquiring 1,290 ETH valued at approximately $2.5 million through FalconX. He first deposited funds before completing the purchase, signaling a deliberate accumulation strategy rather than speculative trading.
This transaction shifted market attention toward institutional participation because Hayes has historically entered positions during periods of uncertainty. Hayes’ latest move also arrived while Ethereum traded below major resistance, suggesting large investors still viewed current prices as attractive.
However, a single whale purchase rarely dictated market direction on its own. Instead, the transaction reinforced broader confidence among market participants who continued monitoring whether additional high-value wallets would follow with similar accumulation in the coming sessions.
Ethereum’s Spot flow data painted a more balanced picture despite Hayes’ aggressive purchase. The latest data showed positive Spot netflows of $5.58 million, indicating more ETH reached exchanges than left them during the latest session.
That shift suggested some holders prepared assets for potential selling instead of long-term storage. However, the inflow remained relatively modest compared with previous spikes.
Derivative traders continued supporting Ethereum despite the modest increase in exchange supply. Open Interest climbed to approximately $11.97 billion after rising 2.2% over the past day.
Alongside that increase, Funding Rates reached 0.003479 after surging over 3,000% within 24 hours, confirming that long-position holders accepted higher costs to maintain bullish exposure. Those figures suggested leveraged traders expected Ethereum to extend its recovery rather than reverse immediately.
Ethereum continued extending its recovery from the June low near $1,564, bringing the $1,945 resistance back into focus. Buyers maintained control throughout the advance, although sellers defended that resistance and triggered a fresh rejection.
The chart also identified $1,830 as immediate support, while $2,145 remained the next major upside target if buyers reclaimed higher ground. DMI readings strengthened that outlook because the +DI stood at 25.51, exceeding the -DI at 18.48, while the ADX measured 22.29.
