Arthur Hayes, co-founder of crypto exchange BitMEX, appears to have reversed course on a major ether (ETH) trade just days after warning of a market downturn.

Last week, data from Arkham Intelligence showed that Hayes sold 2,373 ETH worth around $8.32 million, when the second-largest cryptocurrency was trading near $3,500 and moved into stablecoins.

This weekend, however, he seems to have a change of heart.

Hours ago, data first spotted by Lookonchain showed an address linked to Hayes moved out of $10.5 million in USDC to buy back ether, with the price of the cryptocurrency now hovering around $4,200.

The move comes after Hayes liquidated over $13 million in crypto holdings last week, including ethena (ENA) and meme token pepe (PEPE).

At the time, he cited U.S. tariffs and weaker-than-expected jobs data as headwinds for crypto, predicting bitcoin could test $100,000 and ether could revisit $3,000.

Yet Hayes’ quick buyback suggests he may see renewed upside in ether. Hayes seemingly confirmed the acquisition of ETH in a post on X, saying he “had to buy it all back” while sharing an ether price chart.