Arthur Hayes, co-founder of BitMEX, made a notable move this week by purchasing 1,290 ETH tokens worth about $2.5 million through the FalconX platform. His strategic approach involved pre-funding before executing the buy, signaling a deliberate accumulation amid a market that remains below key resistance levels.
This recent purchase adds to Hayes’ growing Ethereum position. Since mid-July, he has acquired a total of 3,915 ETH valued at $7.47 million with an average entry price near $1,909. Despite the position currently showing a slight unrealized loss, Hayes’ timing during market uncertainty continues to attract attention.
Market Signals Point to Bullish Momentum
Ethereum has gained over 20% since bouncing off its critical multi-year support near $1,580, a zone highlighted by analyst Ali Charts as an ideal entry point. Spot ETF inflows reinforce this trend, with $104 million added across three consecutive weeks ending July 24, according to Wu Blockchain.
On the derivatives side, futures open interest increased by 2.2% to $11.97 billion, while funding rates surged dramatically by over 3,000% in a day. This suggests traders holding long positions are willing to pay higher costs to maintain exposure, signaling confidence in further upside.
Immediate resistance levels to watch are $1,945 and then $2,145. Some cycle-based technical models project Ethereum could reach prices between $10,000 and $20,000 in the long term if current momentum holds.
Trading data shows a $5.58 million net inflow of Ethereum onto centralized exchanges, a relatively moderate amount that may point to holders preparing for potential sales but not triggering large-scale exits. Hayes’ sizable accumulation amid these conditions shows a growing belief in Ethereum’s near-term breakout potential.
