Arthur Hayes doubled his bet with $6.2 million as he tested the Ethereum price for $2,000

Key points

Ethereum pledge reaches unprecedented levels

Major holders withdraw ETH from trading platforms

Ethereum price analysis and key thresholds

BitMEX co-founder Arthur Hayes purchased 1,332.5 ETH units, or approximately US$2.53 million, continuing his cumulative purchase of more than 3,270 ETH units (worth approximately US$6.2 million) in July.

After selling 6,000 ETH at a loss in June, Hayes changed strategy and launched aggressive hoarding in July.

The Ethereum pledge ratio reached a record high of 33.9%, equivalent to approximately 40.9 million ETH locked in verification nodes.

Three newly created addresses withdrew 30,000 ETH (approximately US$58 million) from Coinbase Prime, while other major holders also transferred ETH out of the exchange.

ETH faces key resistance between US$1,963 and US$2,000. Crypto analyst Ali Martinez pointed out that if the daily closing price clearly breaks through US$2,000, it may push prices towards US$2,060 or even higher.

BitMEX co-founder Arthur Hayes has restarted Ethereum's hoarding strategy. Blockchain data analysis agency Lookonchain showed that he purchased 1,332.5 ETH units through an on-chain transaction, worth approximately US$2.53 million, with an average entry price of approximately US$1,899.

The acquisition builds on two transactions before July. The first transaction involved approximately 646 ETH items, which were obtained through USDC and Galaxy Digital exchange; the second transaction was to directly purchase approximately 1,293 ETH items at a cost of approximately US$2.48 million.

As of July, Hayes has purchased more than 3,270 ETH units, with a total value of nearly US$6.2 million based on transaction price. This strategy contrasts sharply with the June operation-last month, he sold 6,000 ETH units for an estimated loss of about $606,000, and then re-entered the market during the Ethereum price correction.

Cryptography analyst Daan Crypto Trades pointed out on the X platform that ETH is trying to break out of shape and successfully closed above its bull market support band for the first time since the end of 2025. He emphasized that bulls need to continue to work hard, and pointed out that if the ETH/BTC ratio exceeds 0.03, it will confirm a comprehensive breakthrough and have strong continuity potential.

Ethereum pledge reaches unprecedented levels

According to Token Terminal's indicators, Ethereum's pledge ratio has climbed to 33.9% of the total circulation supply, setting a record high. This milestone equates to approximately 40.9 million ETH locked in the verification node infrastructure.

Another approximately 2.47 million ETH are waiting in line to be pledged, and it is expected to take approximately 43 days to activate. At the same time, the exit queue remains empty. The current annualized rate of return on pledge is approximately 2.64%.

Pledged ETH cannot be immediately used for spot market transactions without the use of liquid pledged derivatives. The rising pledge ratio, coupled with the continued decline in exchange reserves, has effectively limited the amount of ETH available to potential sellers.

Major holder withdraws ETH from trading platform

Hoarding at whale addresses has increased significantly. Three recently established addresses extracted 30,000 ETH from Coinbase Prime custody, worth approximately $58 million. Other addresses also made large withdrawals from Binance and Gemini and transferred funds to pledges.

Such outflows reduce the available supply on the exchange's order book and may limit selling pressure when buyer demand strengthens.

Ethereum Price Analysis and Key Threshold

ETH is currently trading above US$1,900, and today's trading range is approximately US$1,852 to US$1,950. The asset faces intense resistance in the $1,963 to $2,000 range.

Crypto analyst Ali Martinez pointed out that if the daily closing price convincingly breaks through the US$2,000 mark, it may push prices towards the US$2,060 region, and continued long momentum may even touch the US$2,150 to US$2,200 range.

The support base remains solid around US$1,850 to US$1,870. If the daily close falls below $1,850, the trading range of $1,700 to $1,750 could be reactivated.

Market intelligence shows that there are a large number of clearing clusters above US$1,968. If this level is clearly exceeded, forced liquidation of short positions may be triggered through chain market buy orders.

ETH is currently held at just above $1,900, and market participants are assessing whether buyers have enough strength to break through the psychological resistance level of $2,000.