Meanwhile, newly emerging whales went on a massive Ethereum accumulation spree.
Ethereum (ETH) has stolen the spotlight in the past few days, posting impressive gains and outperforming the market leader and several large-cap altcoins.
One of the reasons behind this remarkable rally that took it to a multi-week peak could be the continued accumulation by key players, including BitMEX co-founder, Arthur Hayes.
Hayes Buys ETH High
On-chain data is provided by Lookonchain Shown The famous crypto personality spent nearly $2.5 million to acquire 1,293 ETH. Thus, he continues to display a somewhat controversial approach to Ethereum given his recent moves.
CryptoPotato I mentioned In mid-June, Hayes raised a total of 5,900 ETH for $10.58 million in just a few days. However, he dumped his entire stash (and more) just one day later for around $10 million, recording a loss of more than $600,000 in hours.
What’s interesting about this situation is that he seems to be buying high and selling low. Its most recent accumulation came at prices above $1,900, where ETH stood last day. In contrast, the aforementioned dump occurred when the asset fell below $1,700.
Hayes has also shown controversial behavior towards other crypto assets. he receive He received significant backlash for overselling coins like HYPE, ZEC, and WLD, as he dropped his positions after weeks of praising them and long before they reached his massive price targets.
Whales and Abraxas are also buying
With speculation Rampant running About the future of ETH After its remarkable rise above $1,900, the broader Ethereum ecosystem shows that other participants are joining in with significant acquisitions. Additional data from Lookonchain Suggested Three newly created wallets withdrew approximately $58 million worth of ETH from Coinbase Prime earlier today. “Whales continue to accumulate ETH,” the analysts concluded.
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Furthermore, wallets linked to Abraxas Capital deposited $40 million worth of Bitcoin on veteran US exchange Kraken earlier this week. Lookonchain noted that they used a significant portion of the capital they raised to convert to ETH after withdrawing 8,153 tokens from the platform.
Abraxas Capital sells $ Bitcoin And buy $ Ethereum!
Over the past three hours, Abraxas Capital has withdrawn $8,153 $ Ethereum($15.3 million) from #Binance and #babybitWhile 618 were deposited $ Bitcoin($39.99 million) to #Kraken.https://t.co/qwAXChjYvp pic.twitter.com/EdWBYF36Lf
– Loconchain (@loconchain) July 15, 2026
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