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Arthur Hayes Adds More ETH After Facing Backlash Over HYPE, ZEC, and WLD

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The former CEO of BitMEX faced significant backlash over the past few weeks for dumping tokens he had previously praised.

However, he has resumed accumulating Ethereum, according to data from Lookonchain.

Hayes Buys ETH

Data from the analytics resource reveals that a wallet linked to the Maelstrom Fund’s exec has acquired 1,400 ETH, worth around $2.5 million, earlier today.

Given his recent actions, though, this purchase drew some controversial comments in the comments section below the post. Many users lashed out against him, claiming he is “the biggest manipulator” who will sell the next day. Similar online backlash skyrocketed after some of his more recent sales.

For instance, he disposed of his entire ZEC position after developers found a vulnerability in Zcash’s protocol that had already been patched. In addition, he had made major price predictions for assets like NEAR, HYPE, and WLD, but sold off his holdings amid the recent market volatility.

After some of those sales, the prices of the underlying assets crashed. This is particularly true for ZEC, which dumped by over 50% in less than 24 hours (the day the sale was disclosed). Nevertheless, it has recovered most of its losses since then, jumping from under $300 to over $500 now.

Others Buy ETH

Lookonchain further updated that the Ethereum buying base had increased over the past few days. A whale going under the ticker geministar.eth accumulated another $20 million worth of the altcoin today. Thus, their total Ethereum purchase for the last two days rose to 32,278 ETH (valued at $57 million).

The Tom Lee-led Bitmine keeps buying as well. The company publishes updates every Monday about its Ethereum positions, including a massive $135 million purchase announced on June 15. Most recent data from Lookonchain noted that Bitmine has increased its position by another 20,000 ETH purchased from FalconX for almost $36 million. The company aims to own 5% of Ethereum’s total supply.

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