Arthur Hayes-linked wallet adds $5.4M Ethereum

• A wallet reportedly linked to Arthur Hayes received 3,000 Ethereum worth about US$5.42 million as ETH rallied nearly 6%.
• Another whale accumulated 21,136 Ethereum worth approximately US$37 million, signalling renewed large-scale buying activity.
• The purchases followed improved market sentiment after reports of a US-Iran peace agreement reduced concerns over energy supply disruptions.

A wallet reportedly linked to BitMEX co-founder Arthur Hayes received 3,000 Ethereum (CRYPTO:ETH) worth approximately US$5.42 million as the cryptocurrency climbed nearly 6% in 24 hours.

The transfer from market maker Flowdesk followed Hayes' recent decision to reduce positions in several altcoins while maintaining Bitcoin (CRYPTO:BTC) and Ethereum as core holdings.

Hayes wrote in his June 8 essay, “Reality Test,” that his sales of Hyperliquid (CRYPTO:HYPE), Near Protocol (CRYPTO:NEAR), Worldcoin (CRYPTO:WLD) and Zcash (CRYPTO:ZEC) were a defensive response to macroeconomic risks rather than a rejection of those projects.

Ethereum gained momentum after reports of a US-Iran peace agreement improved investor sentiment and contributed to a decline in oil prices, with crude falling more than 5% to about US$80.53 a barrel.

Separate on-chain data showed whale wallet geministar.eth purchased 21,136 Ethereum worth roughly US$37.05 million from Binance during the rally; following the buying activity Ethereum was up about 6% at US$1,828.

Technical indicators showed Ethereum breaking above a descending trendline that had capped gains since late April, while analysts identified resistance near the US$1,850 to US$1,860 range.

Hayes previously said Ethereum could reach between US$10,000 and US$20,000 before the end of the current market cycle, attributing that outlook to expected liquidity growth and Ethereum's role within decentralised finance.

At the time of reporting, Ethereum price was $1,798.84.