- Arthur Hayes swapped $2.5 million USDC for 1,337 ETH via Galaxy Digital.
- The purchase followed an earlier ETH sale that realized a reported $241,000 loss.
- Spot Ethereum ETFs recorded about $365 million in July net inflows.
BitMEX co-founder Arthur Hayes returned to Ethereum buying just two days after selling part of his holdings at a loss, according to Lookonchain. The on-chain tracker reported that Hayes swapped 2.5 million USDC for 1,337 ETH through Galaxy Digital about an hour before the update, purchasing the tokens at an average price of about $1,869.
Hayes Reverses Course On Ethereum
According to Lookonchain, Hayes recently deposited 2,364.38 ETH into Cumberland and Galaxy Digital. In return, he received about 4.3 million USDC after selling the assets at roughly $1,821 per ETH.
The tracker estimated that transaction resulted in a loss of about $241,000, or 5.3%. Lookonchain also reported that Hayes had originally acquired 7,213 ETH for about $13.87 million at an average price near $1,923.
However, the latest blockchain data shows Hayes quickly returned to the market. Lookonchain said he transferred 2.5 million USDC to Galaxy Digital before receiving 1,337 ETH.
Separately, Onchain Lens reported that Hayes also sent another 2.5 million USDC to FalconX. However, the platform said that transaction remained pending when the update was published.
ETF Inflows Continue To Build
While Hayes resumed buying, institutional demand also remained active. Spot Ethereum exchange-traded funds recorded about $365 million in net inflows during July, marking the strongest monthly inflow total of 2026.
The reported inflows came as Ethereum continued expanding its role across tokenized real-world assets, stablecoins, and decentralized finance applications.
Whale Activity Draws Market Attention
Large on-chain transactions from high-profile investors continue attracting close attention across the crypto market. Hayes has repeatedly expressed support for Ethereum and the broader decentralized finance ecosystem.
He has previously argued that improving global liquidity conditions and expectations for easier monetary policy could benefit risk assets, particularly Ethereum.
Meanwhile, analysts noted that large purchases alone do not determine future price direction. However, they said continued participation from institutional investors and high-capital market participants remains an important trend to monitor.
