Arthur Hayes keeps buying ETH on the way down — and it's not paying off yet

In mid-June, Arthur Hayes sold 6,000 ETH at a loss — and almost immediately changed his mind. Since July 15 he's been steadily buying Ethereum on every fresh dip, building a new position to 3,915 ETH worth $7.47 million by July 26 at an average price of $1,909. ETH is now trading below that average, so Hayes is back in the red — just on a different trade this time.

The June chapter went like this: over four days, Hayes built a roughly 5,900 ETH position, then dumped 6,000 tokens for $10.14 million at $1,690 — about $606,000 below his own $1,793 average entry, CryptoTimes reports. Less than a month later, on July 15, he was buying again: nearly 1,900 ETH for $3.7 million on day one.

By July 26, the new buying had grown to 3,915 ETH — $7.47 million at an average of $1,909, including a fresh 645 ETH (~$1.2 million) purchase just hours before the report that put his unrealized loss on the position at roughly $113,000, CryptoPotato reports, citing Lookonchain data.

Here's what that actually changes: even a trader with a track record of loud calls — we covered his call for ETH at $20,000 as long as it holds above $2,700 — can't reliably time the exact bottom. He sold too early once and is now buying in too early again, wrong on entry both times. That doesn't invalidate dollar-cost-averaging into a dip as a strategy for a position measured in months, not hours — it just shows that even "smart money" is flying blind on the exact floor.

Hayes will almost certainly keep buying this week — the only open question is what price he'll finally be in the green at.

This piece is informational, not a recommendation to buy, sell, or hold any asset.