BitMEX founder Arthur Hayes has added another 645 ETH worth about $1.2 million, bringing renewed attention to Ethereum whale accumulation, according to on-chain tracking accounts.

Arkham Intel data cited in the report shows Hayes has purchased 3,915 ETH since July 15, with the holdings valued at approximately $7.47 million. His average entry price is near $1,909, leaving the position down by around $113,000 at current levels. On-chain tracking can make large wallet activity visible in near real time, though wallet labels depend on attribution by analytics platforms and can be updated as new information emerges.

Arthur Hayes( @CryptoHayes ) bought another 645 $ETH ($1.2M) 9 hours ago. Since July 15, Arthur Hayes has bought a total of 3,915 $ETH ($7.47M) at an average price of $1,909 and is now down ~$113K. pic.twitter.com/920H4QhaHe — Lookonchain (@lookonchain) July 26, 2026

Ethereum was trading near $1,878 after gaining about 1.4% over 24 hours. The asset remained in a consolidation phase as traders monitored whether buying activity could build stronger momentum.

Hayes-Linked Wallet Activity Expands

The latest purchase follows a series of transactions linked to Hayes’ wallet. Onchain Lens reported that Hayes completed a 1,290 ETH purchase worth roughly $2.5 million using funds previously deposited to Cumberland and FalconX.

BitMEX founder Arthur Hayes is accumulating $ETH . He completed the purchase of 1.29K $ETH (~$2.5M) using funds he deposited to Cumberland and FalconX 3 days ago. Address: 0x6cd66DbdFe289ab83d7311B668ADA83A12447e21 pic.twitter.com/sF4cwUQSSa — Onchain Lens (@OnchainLens) July 26, 2026

The wallet had deposited a total of $3.75 million USDC to FalconX over six days before the larger ETH acquisition. The movements point to continued activity by a prominent crypto market participant.

Large Ethereum wallet movements often attract market attention because they can show how major holders are positioning. However, purchases by individual investors do not guarantee future price direction, and on-chain transfers alone do not always show the full intent behind a trade.

ETF Inflows and Network Developments Draw Attention

Beyond whale accumulation, institutional demand has also been cited in connection with spot Ethereum ETFs. Lucky said in an X post that recent data showed ETF products recorded $144 million in net inflows over 48 hours, indicating continued activity from traditional investors. Spot ETF flows are watched because they offer a regulated route for exposure to ETH without requiring investors to directly hold the token.

Ethereum Momentum Unleashed: Institutional Inflows, Pectra Upgrade Countdown & Gas Fee Breakthroughs! The global smart-contract pioneer is flexing its structural muscles this weekend. While the broader market navigates local consolidation, Ethereum ($ETH) is quietly… — Lucky (@Lucky_m_X) July 25, 2026

Ethereum’s upcoming network developments have also been part of recent market discussions. Developers are preparing future upgrades focused on wallet improvements, efficiency and broader usability, areas that can affect how users and applications interact with the network beyond short-term price activity.

On-chain data indicates that wallets holding between 10,000 and 100,000 ETH increased their combined holdings by 1.8% this month. The reported increase suggests that some large holders have expanded their Ethereum exposure during the period.