Ethereum Could Lead the Next Bull Market: Is Hayes Preparing with More Buys?

Arthur Hayes bought another 1,332.5 ETH ($2.53 million) today, according to on-chain tracking data shared on X. The purchase extends a buying streak from the BitMEX co-founder. It also renews attention on Ethereum’s institutional demand story.

Hayes sold 6,000 ETH at a roughly $606,000 loss in June. He then reversed course with a series of buybacks in July as some discuss Ethereum’s role in the next bull run for crypto.

Hayes Extends a Pattern of ETH Accumulation

The latest purchase follows Hayes’ return to Ethereum earlier this month. He acquired roughly 1,939 ETH then across two OTC-style transactions. That reversal came weeks after his June exit.

Arthur Hayes(@CryptoHayes) bought another 1,332.5 $ETH($2.53M) 3 hours ago.https://t.co/gau6egd7Vmhttps://t.co/iKDlaSftbq pic.twitter.com/YKgXPCVe2Z

— Lookonchain (@lookonchain) July 20, 2026

Critics have flagged Hayes’ record of praising tokens like HYPE, ZEC, and WLD before quietly exiting those positions. Ether trades at $1,906, up 1.74% over 24 hours, with a market capitalization over $230 billion.

Some See Institutional Demand Driving the Next Cycle

With some larger accumulation and whale movement around ETH, some are noting a broader shift in Ethereum’s bull case toward institutions. Bitmine Immersion Technologies Chairman Tom Lee argues that Wall Street adoption now drives Ethereum’s growth, not crypto-native speculation. He points to BlackRock’s tokenized BUIDL fund and Robinhood Chain’s use of ETH as a gas token.

“Unlike the crypto bear market of 2022, Wall Street is building on Ethereum.”— Tom Lee

The staking data backs that thesis. Ethereum’s staking ratio hit an all-time high of above 33% at the end of June, according to CryptoQuant. BlackRock helped drive that shift when it launched the iShares Staked Ethereum ETF, which locks most of its holdings in staking contracts.

Institutions and ETFs held more than 9% of Ethereum’s total supply as of last year, and that share has likely grown since. Also last year, Standard Chartered’s Geoff Kendrick argued that Ethereum treasuries are among the strongest institutional crypto trades available, citing staking yield and stronger valuations compared with Bitcoin and Solana treasury vehicles.

Hayes’ latest buy may reflect conviction in that institutional thesis. Or it may just be another short-term trade. The coming days should make it clearer.