Hayes Piles into Ethereum Amid Institutional Demand Surge

Arthur Hayes, co-founder of BitMEX, has been buying Ethereum (ETH) heavily in recent weeks. His latest purchase of 1,332.5 ETH ($2.53 million) brings his total accumulation to around $6.55 million since reversing course in July after selling off a significant portion of his ETH holdings in June.

Hayes' return to Ethereum has sparked renewed attention on the cryptocurrency's institutional demand story. Some analysts believe that institutions are driving the growth of Ethereum, pointing to developments such as BlackRock's tokenized BUIDL fund and Robinhood Chain's use of ETH as a gas token.

Tom Lee, Chairman of Bitmine Immersion Technologies, argues that Wall Street adoption is now driving Ethereum's growth, not crypto-native speculation. He notes that institutions and ETFs hold more than 9% of Ethereum's total supply, with some analysts predicting this figure to rise further.