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Arthur Hayes has returned to buying Ethereum after drawing criticism for selling tokens he had previously supported. On-chain data cited by Lookonchain shows a wallet linked to the Maelstrom Fund executive acquired 1,400 ETH worth about $2.5 million, while other large investors and companies also increased their Ethereum holdings during the same buying activity.
Lookonchain reported that a wallet connected to Arthur Hayes purchased 1,400 ETH earlier today. The transaction was estimated at about $2.5 million.
In a follow-up report, Lookonchain said the same Hayes-linked wallet bought another 1,400 ETH, valued at $2.51 million, roughly four hours prior to the update.
The purchases prompted mixed reactions on social media. Some users questioned whether Hayes would keep the position for long, while others criticized his recent trading activity and referred to him as a market manipulator.
Hayes recently exited his entire ZEC position after developers disclosed and patched a vulnerability within the Zcash protocol. The sale occurred shortly after the issue became public.
He also reduced holdings in assets including NEAR, HYPE, and WLD during recent market volatility, following earlier public comments about those projects.
After some of those sales became known, the affected assets recorded sharp declines. ZEC experienced the steepest move among the tokens involved, dropping more than 50% within 24 hours after the sale disclosure, before recovering much of the lost ground.
Ethereum accumulation extended beyond Hayes and his associated wallet. Lookonchain reported additional purchases from other large holders.
A wallet operating under the name geministar.eth bought another $20 million worth of Ethereum, according to Lookonchain. The data showed the wallet acquired 32,278 ETH during the last two days, with a combined value of roughly $57 million.
Tom Lee-led Bitmine also continued adding to its Ethereum holdings. Lookonchain reported that Bitmine bought another 20,000 ETH (about $35.85 million) from FalconX roughly five hours before the update.
Bitmine previously announced a $135 million Ethereum purchase on June 15, and the company disclosed the transaction through its scheduled weekly update. Lookonchain said the latest purchase again involved 20,000 ETH, costing nearly $36 million.
Bitmine has repeatedly stated a long-term objective of holding 5% of Ethereum’s total circulating supply.
Lookonchain’s latest figures indicate continued interest from large Ethereum holders, with reported purchases spanning Hayes-linked accounts, geministar.eth, and Bitmine’s growing treasury position.
