The BitMEX co-founder’s latest Ether purchase extends a July buying streak after a June sale, as investors weigh signs of rising institutional demand for Ethereum.
BitMEX co-founder Arthur Hayes has continued rebuilding his Ether position, with on-chain data showing a latest purchase of 1,332.5 ETH worth about $2.53 million that aligns with one of two previously reported July acquisitions totaling 2,625.7 ETH for $5 million in USDC. Hayes had sold 6,000 ETH in June at a roughly $606,000 loss before reversing course with July buybacks, including transactions routed through FalconX and Cumberland. The renewed accumulation comes as some investors focus on Ethereum’s institutional demand story, with Tom Lee arguing Wall Street adoption is increasingly driving the network’s growth. Ethereum’s staking ratio rose above 33% at the end of June, according to CryptoQuant, while BlackRock’s tokenized BUIDL fund, Robinhood Chain’s use of ETH as a gas token, and the iShares Staked Ethereum ETF have been cited as signs of deeper institutional engagement. Ether was trading at $1,906, up 1.74% over 24 hours, with a market capitalization above $230 billion.