BitMEX co-founder Arthur Hayes has bought back 1.9 million Ether.fi (ETHFI) tokens worth $1.17 million at $0.62 each, re-entering a position he exited earlier this year. In April he sold 265,461 ETHFI at $0.44, collecting about $118,000 and booking a loss, so the fresh entry sits roughly 41% higher per token. On-chain analytics account Lookonchain surfaced the purchase hours after settlement and framed it as another sell-low, buy-high episode. Wallet analysis cited by BeInCrypto found three addresses linked to Hayes lost $2.47 million across 124 trades from December 2023 through August 2026, with ETHFI contributing about $474,000 of those losses while Ethena (ENA) was the sole profitable holding, up $3.23 million. ETHFI has risen 25.3% over the past week, ahead of Bitcoin’s 21.4% but behind Ethereum’s 27.8%, yet remains about 93% below its March 2024 high of $8.53. It last traded near $0.631, up 11.1% in 24 hours, with a $649.7 million market cap and a rank of 92. The new stake is only marginally above water, and whether it breaks the pattern may hinge on whether Hayes holds through the next drawdown.