BitMEX co-founder Arthur Hayes returned to buying Ethereum just two days after selling part of his holdings at a loss, according to Lookonchain.

The on-chain tracker said Hayes swapped $2.5 million USDC for 1,337 ETH through Galaxy Digital about an hour before the update, buying the tokens at an average price of about $1,869. The purchase size echoes a well-known reference within Ethereum culture, where 1337 has long served as a community shorthand.

According to Lookonchain, Hayes had recently deposited 2,364.38 ETH into Cumberland and Galaxy Digital. Both firms operate as major over-the-counter trading desks serving institutional crypto participants. In return, he received about $4.3 million USDC after selling the assets at roughly $1,821 per ETH.

The tracker estimated that the transaction resulted in a loss of about $241,000, or 5.3%. Lookonchain also reported that Hayes originally acquired 7,213 ETH for about $13.87 million at an average price near $1,923.

Blockchain data showed Hayes quickly returned to the market. Lookonchain said he transferred $2.5 million USDC to Galaxy Digital before receiving 1,337 ETH.

Separately, Onchain Lens reported that Hayes also sent another $2.5 million USDC to FalconX, another institutional crypto brokerage. The platform said that transaction remained pending when the update was published.

ETF inflows continue to build

While Hayes resumed buying, institutional demand also remained active. Spot Ethereum exchange-traded funds recorded about $365 million in net inflows during July, marking the strongest monthly inflow total of 2026.

The reported inflows came as Ethereum continued expanding its role across tokenized real-world assets, stablecoins, and decentralized finance applications.

Whale activity draws market attention

Large on-chain transactions from high-profile investors continue to attract close attention across the crypto market. Hayes, known for his macroeconomic commentary on digital assets through his widely read essays, has repeatedly expressed support for Ethereum and the broader decentralized finance ecosystem.

He has previously argued that improving global liquidity conditions and expectations for easier monetary policy could benefit risk assets, particularly Ethereum.

Meanwhile, analysts noted that large purchases alone do not determine future price direction. However, they said continued participation from institutional investors and high-capital market participants remains an important trend to monitor.

According to Lookonchain, the update referenced the following post: https://x.com/lookonchain/status/2084087368399852000?s=20