ETH surges 10%, Hayes, Wang Chun, and whales collectively step in. On the other side, someone has shorted with 80 million.

This is no coincidence; it’s a hellish battle between bulls and bears.

44.4k ETH, $80.56 million, all borrowed from Aave, going all-in on a short.

This is what an on-chain address did yesterday.

Within the same 24 hours, ETH violently rallied from a low, with the intraday gain surpassing 10%, reaching $1,841, marking the strongest single-day performance since this correction began.

At the same time, three bullish camps made their moves:

Arthur Hayes-related address increased holdings by 3,000 ETH, worth about $5.42 million;

F2Pool co-founder Wang Chun bought the dip three times in June, accumulating about 43,019 ETH, with unrealized gains over $8.64 million;

US-listed company BitMine (BMNR) added another 76,881 ETH last week, with total holdings surpassing 5.62 million ETH, accounting for 4.66% of ETH’s total supply.

Hayes, Wang Chun, BitMine—have they coordinated?

But their wallets on the same day targeted the same coin, uttering the same message: the bottom is in.

And the person who borrowed $80 million to short might be staring at the screen late at night, sweating, repeatedly checking their liquidation line.

Who’s right, who’s wrong?

Don’t rush to pick a side. Let me tell you why these people all acted simultaneously.

The answer is on the calendar for June 18.

In the early hours of Thursday Beijing time, the Federal Reserve will announce the results of the June policy meeting. Multiple institutions, including Huatai Securities and Goldman Sachs, expect the rate to remain unchanged.

But that’s just the surface.

The real key is two things: first, the Fed will remove the dovish language from its statement; second, Powell’s first appearance as Fed Chair.

Removing dovish language means the expectation of rate cuts is officially withdrawn. The dot plot will shift from “one rate cut each in 2026–2027” to “maintain rates unchanged.”

Meanwhile, the Fed is expected to lower its growth forecast for 2026, while raising inflation and neutral rate projections.

Money will be harder to borrow, inflation higher, and rate cuts—forget about it.

This is classic “hawkish standstill.” Why did ETH surge 10%?

The answer is simple: Powell’s first speech in office, the market bets he won’t really hold the line.

Hayes’s logic: The Fed dares not tighten further. If they do, the economy can’t withstand it. The more hawkish voices, the more numb the market becomes to the “last hawk”—by the time real problems emerge, only rate cuts can save the day.

This 3,000 ETH is his low-risk bet on future liquidity.

Wang Chun’s logic: miners know the real on-chain activity best. Post-merge, Ethereum’s staking rate, L2 gas consumption, stablecoin on-chain circulation—these data aren’t on candlestick charts, but they run daily through his nodes.

BitMine’s logic is straightforward: 56.2k ETH, with a market cap over $10 billion, accounting for 4.66% of Ethereum’s total supply. Tom Lee’s target is to hold until 5%—which means continued buying. As a listed company, buying tokens isn’t for short-term speculation but for long-term asset allocation.

Three smart money flows, three different reasons, pointing in the same direction.

But on the other side, it must not be overlooked.

The address that borrowed 44,000 ETH from Aave to short isn’t betting ETH will fall—it's betting you won’t sell, or they’ll be wiped out.

They’ve borrowed over $80 million worth of ETH, continuously selling on the secondary market to create pressure. What does this mean?

It indicates that high-leverage long-short bets on-chain have entered a heated phase. Bulls want ETH to rise to $2,000–$2,500 to shake out shorts; shorts want the bulls to take profits at high levels and trigger a collapse.

If this address gets liquidated, the $80 million long buy orders will be instantly released—this isn’t “volatility,” it’s a market-level nuclear button.

The bulls believe institutional entry is just the beginning, on-chain data is bottoming; the bears see the rebound as a chance to escape, ETF funds are still flowing out, technicals are fragile, and once $1,630 is lost, there’s no turning back.

The bears’ biggest trump isn’t their own positions but that the bulls will give out first.

So, back to the question:

Did Hayes, Wang Chun, and BitMine buy on the same day by coincidence or consensus?

My answer: It’s smart money collectively confirming the “deeply undervalued ETH bottom,” but they don’t know when the others will sell.

And the short seller might have spotted this—an on-chain story of protocol income supporting a rebound. In a market with shrinking liquidity, can it really hold?

Hayes bets the Fed won’t dare to go full hawk; Wang Chun bets Ethereum’s fundamentals are severely underestimated; BitMine bets on a big-cycle asset allocation; the short seller bets someone #我的Gate交易时刻 among them will fold first.