BitMEX co-founder Arthur Hayes has executed an aggressive $8.4 million crypto buying spree over the past 24 hours, accumulating 1,500 ETH worth $6.35 million alongside substantial positions in blue-chip DeFi tokens, including LDO, ETHFI, and PENDLE.
Source: ArkhamThe strategic purchases come as Ethereum breaks through the psychological $4,000 barrier after seven previous rejections, with Hayes reversing his earlier bearish stance that predicted ETH would drop to $3,000.
Hayes acquired 425,000 LDO tokens worth approximately $557,000, 420,000 ETHFI valued at $517,000, and 185,000 PENDLE tokens worth $1.02 million.
His buying spree coincides with massive institutional accumulation, as an unidentified whale purchased 221,166 ETH worth $946 million in the past week through Galaxy Digital, FalconX, and BitGo.
Institutional Tsunami Powers ETH Beyond $4,300
Ethereum surged past $4,300 on Sunday, marking its highest weekly close since November 2021 with a 21% gain.
The rally was fueled by massive institutional adoption, with publicly traded companies aggressively accumulating ETH treasuries worth billions.
BitMine Immersion Technologies leads corporate holdings with 833,137 ETH valued at over $3 billion, while SharpLink Gaming holds 521,900 ETH worth approximately $2 billion.
Source: Strategic ETH ReserveThe company filed a $200 million stock offering to expand its Ethereum treasury further.
Similarly, Fundamental Global filed a $5 billion shelf registration with the SEC to build its own ETH-focused treasury.
Seventeen public companies now collectively hold more than 1.74 million ETH valued at nearly $6.9 billion.
Ethereum ETFs recorded $461 million in daily net inflows on Friday, surpassing Bitcoin’s $403 million.
BlackRock’s ETHA ETF alone absorbed over $100 million on Thursday, pushing its net assets past $11 billion.
As a result of this sudden rise, Vitalik Buterin returned to billionaire status with his on-chain portfolio valued at $1.04 billion, driven by his 240,042 ETH holdings.
Ethereum’s market capitalization reached $523 billion, overtaking Mastercard at $519 billion.
Gas fees on Ethereum dropped to $0.53, historically signaling massive on-chain activity and price explosions.
Glassnode reports that ETH addresses holding over 10,000 tokens hit 868,886 on Saturday, the highest in a year.
Notably, ETH SOPR has also spiked to yearly highs, indicating a large portion of supply is being moved at a profit.
This often reflects firm market conviction but can also precede profit-taking phases.
Technical Breakout Signals Path to Five-Figure Targets
Technical analysts identify Ethereum’s breakthrough as a textbook Wyckoff Accumulation pattern breakout, with the recent price increase representing a “Sign of Strength” resistance break.
The pattern typically precedes sustained markup phases targeting $6,000.
Ethereum broke above a 1.5-year resistance level after six consecutive green weekly candles in seven weeks.
Analysts also point to the breakout from a multi-year symmetrical triangle pattern with potential targets reaching $8,000 based on triangle measurements.
Polymarket traders assign 96% probability to ETH reaching $4,400 and 76% probability of surpassing its previous all-time high to hit $5,000 before year-end.
The asset trades just 13% below its November 2021 record of $4,878.
This also comes as Bitcoin advocate Samson Mow warns the rally could reverse as early ETH holders rotate gains back into Bitcoin.
He claims investors are pumping ETH on treasury narratives before dumping at highs, predicting “no one wants ETH in the long run.”
However, Ethereum supporters dismiss these warnings as outdated Bitcoin maximalist rhetoric. The ETH/BTC ratio currently stands at 0.036, double its April low of 0.018.
Amidst this massive boom, Vitalik Buterin has also cautioned against excessive leverage in ETH treasuries, warning that a 30% market drop could trigger forced liquidations escalating to 90% crashes.
His concerns reinforce earlier warnings from analysts about overleveraged corporate treasury strategies potentially destabilizing markets.
Cyclical Pattern Analysis Points to Correction Despite Institutional Rally
Technical analysis reveals Ethereum has repeatedly reached resistance around $4,000-$4,350 before experiencing significant corrections across four distinct cycles.
Each peak was characterized by sustained high-volume activity over 40-47-day periods, with volume progression showing increasing participation in successive rallies.
The current rally shows the highest volume yet, indicating growing institutional interest despite cyclical resistance levels.
Open interest has grown exponentially from 2 billion to over 12 billion, with extreme levels historically coinciding with major tops and subsequent corrections.
Ethereum’s cyclical pattern suggests short-term bearishness targeting $3,200-$3,600 support zones, but the longer-term trajectory remains upward, with each correction leading to progressively higher ultimate highs.
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