The co-founder of BitMEX, the derivatives exchange that recently announced its upcoming closure, continues with his substantial Ethereum purchases as the asset has suddenly become a fan favorite among traders.

ETH has gained momentum over the past few weeks, trading close to ,000 for the first time in months. Naturally, big price predictions have started to reemerge, and prominent market voices are once again positioning Ethereum at the center of the next potential move higher.

Hayes Adds More

Arthur Hayes has demonstrated slightly controversial behavior toward the largest altcoin over the past month or so. As reported just a few weeks ago, he disposed of his entire stash for more than million at average prices of under ,700. The problem was that he had accumulated this fortune at prices of over ,900, meaning the exit locked in a loss rather than a profit.

Once the cryptocurrency rebounded and flew past ,900 later in the month, Hayes started to reaccumulate. Data from Lookonchain shows that he has spent roughly .5 million since July 15 to purchase a total of 3,915 ETH. Such on-chain tracking has become a common way for the market to follow the moves of high-profile investors in near real time.

The latest buy came hours ago, in which he splashed .2 million to add 645 tokens to his stash. Interestingly, his average accumulation price is still just over ,900 per ETH, suggesting he remains willing to build his position even after the recent recovery.

K ETH?

Doctor Profit is a popular crypto analyst who nailed some of the recent corrections, including the big crash from 6,000. Now, though, he appears to have changed his tune, becoming a lot more bullish on the entire industry. Interestingly, his bullish outlook has translated mostly to Ethereum rather than Bitcoin.

In a post from earlier today, he explained that ETH has become a larger portion of his crypto portfolio than BTC for the first time ever. Reweighting a portfolio in this way is a notable signal, as many long-term traders have historically treated Bitcoin as their core holding and altcoins as smaller, higher-risk satellites.

“In previous cycles, ETH represented only around 10% of my BTC and ETH portfolio. Last week, I increased it to 20%. Today, I am raising it to 60%. Read that again: for the first time in my entire trading history, I will hold more Ethereum than Bitcoin for this cycle.”

His full explanation of why will be “shared in the right moment.” However, in another post, he predicted that the largest altcoin can rally to ,000, a target that has propelled this “extreme” bet on ETH. For now, the combination of renewed accumulation by well-known traders and louder calls for a four-figure price is keeping Ethereum firmly in the spotlight.

Source: CryptoPotato