Arthur Hayes bought 1,293 ETH ($2.48 million) on Wednesday, July 15, after receiving 646 ETH ($1.24 million) from Galaxy Digital soon before, on-chain data shows. The moves mark a reversal weeks after he sold 6,000 ETH at a loss.

The reversal also adds to a string of controversial trades this year. Hayes has built a reputation for making bold, high-profile calls on tokens like SYN, HYPE, ZEC, NEAR, and WLD, only to exit or reverse several of them shortly after, drawing scrutiny over his pattern of buying loud and selling quiet.

Two ETH Buys in One Day

Hayes first sent $1.25 million USDC to prime broker FalconX first. Minutes later, Galaxy Digital sent 646.33 ETH ($1.24M) to his wallet, a pattern Onchain Lens flagged as a likely over-the-counter trade.

Not long later, Hayes was seen purchasing 1,293 ETH ($2.48M) which brings his single-day buy total above 1,900 ETH.

Ether trades near $1,920 at publication, up 2.79% over the past day, according to BeInCrypto’s Ethereum price tracker. Ethereum’s market capitalization stands near $231 billion, still ranking second among all cryptocurrencies.

A Track Record of Reversals

The buying spree marks a sharp reversal. Hayes sold 6,000 ETH at an estimated $606,000 loss in late June, just weeks after building that position. Around the same time, he exited Worldcoin, Zcash, NEAR, and Hyperliquid, citing energy prices, AI-linked IPOs, and political uncertainty as risks to crypto markets.

Hayes also bought $2.2 million worth of Synapse’s SYN token in late June. SYN has since fallen more than 55%, leaving Hayes roughly 28% underwater on a $610,000 unrealized loss.

He has fared better on Bitcoin. His $40,000 bottom prediction from June found an echo weeks later, when a major Chinese mining firm projected a similar floor citing him.

Whether this ETH buy fares better than his SYN trade, or matches Ethereum’s broader July setup, will show in the coming weeks.

Source: BeInCrypto