Ethereum (ETH) has surged past $1,900, outperforming Bitcoin and larger-cap altcoins in recent days. On-chain data indicates that BitMEX co-founder Arthur Hayes spent roughly $2.5 million to acquire 1,293 ETH, buying high after previously selling his entire stash near $1,700 for a loss of over $600,000. Three newly created wallets withdrew nearly $58 million in ETH from Coinbase Prime, while wallets linked to Abraxas Capital deposited $40 million worth of bitcoin into Kraken and withdrew 8,153 ETH from Binance and Bybit, rotating capital into Ethereum.
Ethereum has stolen the show in the past few days, posting impressive gains and outperforming the market leader and many larger-cap alts. One reason behind this rally could be ongoing accumulation by major players, including BitMEX’s co-founder, Arthur Hayes.
On-chain data indicated that Hayes spent roughly $2.5 million to acquire 1,293 ETH. He continues to display a controversial approach to Ethereum given his most recent moves.
Hayes had accumulated 5,900 ETH for $10.58 million in mid-June, but disposed of his entire stash a day later for around $10 million, registering a loss of more than $600,000. His most recent accumulation came at prices of well over $1,900, while the earlier offload took place when the asset dipped below $1,700.
Hayes has also exhibited controversial behavior toward other assets, receiving backlash over his promotion of tokens like HYPE, ZEC, and WLD before later disposing of his positions. Additional data suggested that three newly created wallets withdrew nearly $58 million in ETH from Coinbase Prime. The analysts concluded that “whales continue accumulating ETH.”
Wallets linked to Abraxas Capital deposited $40 million worth of bitcoin into Kraken earlier this week. Lookonchain noted that they used a large portion of the capital to rotate into ETH after withdrawing 8,153 tokens from the platform. The firm stated that over three hours, Abraxas withdrew 8,153 ETH ($15.3 million) from Binance and Bybit while depositing 618 BTC ($39.99 million) into Kraken.
