Ethereum (ETH) has stolen the show in the past few days, posting impressive gains and outperforming the market leader and many of the larger-cap alts.

One of the reasons behind this notable rally that drove it to a multi-week peak could be ongoing accumulation by major players, including BitMEX’s co-founder, Arthur Hayes.

Hayes Buys ETH High

On-chain data provided by Lookonchain indicated that the popular crypto personality spent roughly $2.5 million to acquire 1,293 ETH. Consequently, he continues to display a somewhat controversial approach to Ethereum given his most recent moves.

CryptoPotato reported back in mid-June that Hayes had accumulated a total of 5,900 ETH for $10.58 million in the span of just a few days. However, he disposed of his entire stash (and some more) just a day later for around $10 million, registering a loss of more than $600,000 in hours.

What’s interesting in this situation is that he seems to be buying high and selling low. His most recent accumulation came at prices of well over $1,900, where ETH has stood for the past day. In contrast, the aforementioned offload took place when the asset dipped below $1,700.

Hayes has also exhibited controversial behavior toward other crypto assets. He received substantial backlash over his overpromotion of tokens like HYPE, ZEC, and WLD, as he disposed of his positions weeks after praising them and long before they reached his massive price targets.

Whales, Abraxas Buy Too

With speculation running rampant about ETH’s future following its notable surge past $1,900, the broader Ethereum ecosystem shows that other participants are joining through large acquisitions. Additional data from Lookonchain suggested that three newly created wallets withdrew nearly $58 million in ETH from Coinbase Prime earlier today. The analysts concluded that “whales continue accumulating ETH.”

Moreover, wallets linked to Abraxas Capital deposited $40 million worth of bitcoin into the veteran US exchange Kraken earlier this week. Lookonchain noted that they used a large portion of the capital they gathered to rotate into ETH after withdrawing 8,153 tokens from the platform.

Source: CryptoPotato