Ethereum

Prime

Galaxy

Arthur

USDC

<h2 id="hayes-adds-to-eth-position-as-on-chain-activity-picks-up">Hayes Adds to ETH Position as On-Chain Activity Picks Up</h2>
<p>BitMEX co-founder Arthur Hayes (<a href="https://x.com/CryptoHayes" rel="noopener noreferrer nofollow">@CryptoHayes</a>) purchased 1,293 <a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a> worth approximately $2.48 million on July 16, according to on-chain tracker Lookonchain. <cite>The buy brought his total accumulation on the day to more than 1,900 ETH.</cite> The transaction was routed through OTC desks, with Lookonchain noting that Hayes had earlier sent $1.25 million in USDC to Galaxy Digital (<a href="https://x.com/galaxyhq" rel="noopener noreferrer nofollow">@galaxyhq</a>) in exchange for 646 ETH, <cite>while a separate $1.25 million USDC transfer was sent to FalconX (<a href="https://x.com/FalconXGlobal" rel="noopener noreferrer nofollow">@FalconXGlobal</a>), likely for another over-the-counter deal.</cite></p>
<p>The purchase marks a continued return to Ethereum for Hayes. <cite>The latest buys follow his sale of 6,000 ETH at a loss of around $606,000 in June.</cite><cite>Hayes, the outspoken co-founder of derivatives exchange BitMEX, has been vocally bullish on Ethereum's long-term trajectory, arguing the asset is positioned to benefit from expanding macro liquidity and its central role in facilitating collateral across the decentralized finance landscape.</cite></p>
<h2 id="three-new-wallets-pull-30-000-eth-from-coinbase-prime">Three New Wallets Pull 30,000 ETH From Coinbase Prime</h2>
<p>The Hayes purchase coincides with broader whale activity in the Ethereum market. According to Lookonchain, three newly created wallets withdrew 30,000 $ETH worth approximately $57.66 million from Coinbase Prime in the hours preceding the Hayes buy. <cite>The new wallets receiving the ETH showed no outgoing transactions, suggesting a holding or accumulation strategy rather than an immediate sale.</cite></p>
<p><cite>Coinbase Prime, the institutional trading platform of Coinbase, is commonly used by large investors, hedge funds, and corporate treasuries for secure custody and trading.</cite> Withdrawals from the platform to fresh wallets are generally read by market participants as a bullish signal, as they reduce the supply of tokens readily available on exchanges. <cite>Recent data showed Ethereum's exchange supply ratio declining to 0.129, a level last seen in 2016, indicating that more ETH is moving away from centralized exchanges.</cite></p>
<p>The accumulation activity extends beyond Hayes and the three new wallets. <cite>Amid extended sideways price movement, a separate whale withdrew 30,010 ETH worth $52.84 million from Coinbase Prime, while Lookonchain reported two additional buyers: one new wallet pulled 8,239 ETH worth $14.5 million from multiple exchanges and another purchased 11,843 ETH worth $20.8 million.</cite> Whether sustained demand at this scale can produce a durable price recovery for Ethereum remains to be seen, but the concentration of large-wallet buying in a short window is drawing attention across the market.</p>
<p><em>Sources:</em><br><a href="https://ambcrypto.com/ethereum-falls-to-1-7k-will-a-153-mln-whale-push-help-eth-bounce-back/" rel="noopener noreferrer nofollow">AMBCrypto: Ethereum Whale Accumulation Data</a><br><a href="https://yellow.com/news/ethereum-whales-pull-87083-eth" rel="noopener noreferrer nofollow">Yellow.com: Ethereum Whales Pull 87,083 ETH From Exchanges</a><br><a href="https://news.bitcoin.com/ethereum-whales-arthur-hayes-geministar-eth-accumulation/" rel="noopener noreferrer nofollow">Bitcoin.com News: Ethereum Whales Load Up</a></p>

Arthur Hayes Joins Fresh Ethereum Whale Buying Wave

Table of Contents

BSCN

Other articles published on Jul 16, 2026

Join our free newsletter for daily crypto updates!