Arthur Hayes Buys Back 1.9M ETHFI for $1.17 Million After April Sale at a Loss
Key Takeaways
- •Arthur Hayes repurchased 1.9 million ETHFI tokens for $1.17 million at roughly $0.62 per token, four months after selling part of his holdings at a loss.
- •The new entry price sits about 41% above his April sale price of $0.44, and the repurchase is more than seven times larger than the 265,461 tokens he previously sold.
- •ETHFI gained 25.3% over the past week and traded near $0.631, up 11.1% in 24 hours, but remains roughly 93% below its March 2024 all-time high of $8.53.
- •ETHFI exchange netflows turned volatile as the price rose, with a net outflow of about $630,000 on Aug. 22 and another near $450,000 on Aug. 23, after an inflow of roughly $65,000 on Aug. 21.
- •Wallets linked to Hayes recorded $2.47 million in losses across 124 trades, with ETHFI accounting for $474,000, while Ethena's ENA was the only profitable position at a $3.23 million gain.
Arthur Hayes, co-founder and former CEO of the crypto derivatives exchange BitMEX, has bought back 1.9 million ETHFI tokens for a total of $1.17 million, re-entering the position four months after selling part of his holdings at a loss. The on-chain analytics firm Lookonchain reported the purchase roughly four hours after it settled, showing that Hayes paid $0.62 per token. Because blockchain transactions are publicly visible, analytics firms can attribute wallets to well-known traders and publish their activity within hours.
His earlier sale took place in April, when he sold 265,461 ETHFI at $0.44. The new entry point sits about 41% above that April sale price, a sequence Lookonchain described as another example of selling low and buying back at a higher level. The buyback covers more than seven times the number of tokens sold in April, making the re-entry a substantially larger position than the one he exited.
Re-entry Above the April Sale Price
ETHFI, the governance token of the Ethereum liquid restaking protocol Ether.fi, has gained 25.3% over the past week amid a wider advance in the crypto market. Even so, the token remains roughly 93% below its record high of $8.53, set in March 2024, the same month ETHFI began trading after Ether.fi's token launch.
The recent price action has coincided with shifting exchange flows. ETHFI climbed from roughly $0.37 to $0.40 on Aug. 12 before moving above $0.50. The token then accelerated around Aug. 20 and Aug. 21, reaching approximately $0.60 to $0.64.
ETHFI Exchange Flows Turn More Volatile
As the price advanced, exchange netflows showed larger movements. One major inflow reached about $65,000 on Aug. 21, a movement that placed more ETHFI onto spot exchanges, where tokens can become available for trading.
The largest recorded move came on Aug. 22, when netflow fell to approximately negative $630,000, marking a substantial ETHFI outflow from exchanges. Further outflows followed on Aug. 23, including one near $450,000.
At press time, ETHFI traded near $0.631, up 11.1% over the past 24 hours. Its market capitalization stood at $649.7 million, ranking 92nd.
Hayes' Trading Record Includes Other ETHFI Losses
The latest purchase follows losses recorded across wallets linked to Hayes. A review of three attributed wallets found $2.47 million in losses across 124 trades, covering the period from December 2023 through August 2026. ETHFI accounted for $474,000 of the recorded losses during that stretch.
Meanwhile, Ethena's ENA, the token of the protocol behind the USDe synthetic dollar, was the only profitable position among the reviewed trades, generating a reported gain of $3.23 million.
Hayes' current ETHFI position carries an entry near $0.62, with recent prices trading slightly above that level. According to the supplied market data, key support levels sit at $0.60, $0.55, and $0.50, while resistance remains near $0.64 to $0.65, with $0.70 identified as the next level above.
