Woofun AI reports that Arthur Hayes, co-founder of BitMEX, has intensified his Ethereum (ETH) accumulation, a move tracked by on-chain analytics firm Lookonchain. The prominent crypto executive’s recent activity highlights a sustained bullish stance amid market consolidation.

Woofun AI data shows the latest transaction involved the purchase of 644.34 ETH, valued at approximately $1.25 million, executed eight hours ago. This acquisition is part of a broader buying spree over the past eight days, during which Hayes accumulated a total of 3,270 ETH worth roughly $6.27 million at current market prices.

Lookonchain’s data reveals these purchases were made in multiple tranches, suggesting a deliberate dollar-cost averaging strategy rather than a single large market order. Such behavior is often interpreted by traders as a sign of calculated conviction, reflecting whale accumulation patterns that signal institutional confidence in Ethereum’s long-term value proposition.

Hayes, a key figure in decentralized finance (DeFi) and the smart contract ecosystem, has been publicly bullish on ETH. His accumulation occurs while ETH trades in a range between $1,800 and $2,100, supported by layer-2 solutions and ongoing regulatory developments within the macroeconomic environment.

While high-profile accumulation can create temporary price support, it does not guarantee future performance. Investors should monitor on-chain data for further trends but base decisions on comprehensive research rather than single data points.