Hayes' $7.8mln ETH Bet Fuels Potential $2.2k Rally

BitMEX co-founder Arthur Hayes has significantly increased his Ethereum exposure by acquiring $7.8 million worth of ETH in the past two days, according to on-chain data.

The same wallet that received these funds sold nearly $700K worth of Worldcoin [WLD] last week, confirming a recent sell-off by Hayes citing the SpaceX IPO.

However, contrary to his expectations, Bitcoin and other altcoins he dumped before the IPO rallied instead of being affected by it.

The rally is attributed to the widely anticipated U.S-Iran deal, which has boosted risk sentiment and eased inflation fears. Oil prices have fallen to $75, their lowest in two months.

As a result, Ethereum's price has recovered nearly 20% from its yearly low of $1.5K to over $1.8K. With the Fed rate decision scheduled for today, it remains unclear whether the rally will continue or be derailed.