BitMEX co-founder and Bitcoin billionaire Arthur Hayes has bought back into Ethereum just a week after selling a large tranche.

Onchain data shows that Hayes offloaded 2,373 Ether (ETH), worth roughly $8.32 million at the time, when the token was trading near $3,507. The sale, which occurred about a week ago, locked in profits before Ether’s latest rally.

In a reversal, the crypto analyst moved out $10.5 million in USDC (USDC) across multiple transactions on Saturday, with the stablecoins directed toward purchasing ETH at prices above $4,150, significantly higher than his earlier exit point.

“Had to buy it all back, do you forgive me @fundstrat?” he wrote on X, tagging Tom Lee, the co-founder and head of research at FS Insight by Fundstrat. “I pinky swear, I’ll never take profit again,” he added.

Related: $105M Ether shorts got ‘smoked,' Eric Trump throws shade at bears

Hayes warns of crypto drop

Last week, Hayes, who is chief investment officer of Maelstrom Fund, warned that mounting macroeconomic pressures could pull Bitcoin (BTC) back toward $100,000.

Citing renewed tariff fears after the weak July Non-Farm Payrolls report, which showed only 73,000 new US jobs, Hayes said sluggish credit growth in major economies could weigh on nominal GDP and push Bitcoin and Ether lower toward $100,000 and $3,000, respectively.

In anticipation, Hayes sold over $13 million worth of crypto, including $8.32 million in ETH, $4.62 million in Ethena (ENA), and $414,700 in Pepe (PEPE).

Related: Ether price hits $4K for first time since December 2024

Institutions scoop up $4.17 billion in ETH

Since July 10, more than 1.035 million ETH, worth roughly $4.17 billion, has been accumulated by a cluster of unknown whales and institutions through exchanges and institutional trading platforms, according to data accumulated by EmberCN.

The surge in buying activity coincided with Ethereum’s strong price rally, climbing from $2,600 to $4,000 within the month, a 45% increase.

EmberCN said most of the ETH amassed by these addresses is likely held by institutions or US public companies building ETH reserves, excluding entities like SBET whose addresses are publicly known. The average acquisition price for these holdings is estimated at around $3,546.

Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’