Key Takeaways
- BitMEX co-founder Arthur Hayes purchased 132,000 Ethfi tokens at $0.55 per unit shortly before Upbit revealed its KRW trading pair.
- Following the Upbit announcement, Ethfi rallied 18% from $0.54 to $0.64 in a matter of minutes.
- The token subsequently retraced nearly all of its gains amid broader cryptocurrency market weakness.
- On-chain analytics platform Lookonchain identified Anchorage Digital as the source of Hayes’ tokens.
- The timing of the acquisition sparked discussion among traders following the exchange listing reveal.
Arthur Hayes obtained Ethfi tokens in the hours leading up to Upbit’s official listing confirmation. Blockchain records revealed that he received 132,000 Ethfi tokens priced at $0.55 each. The acquisition came before an immediate 18% price rally, prompting observers to note the sequence of events.
Token Acquisition Timeline Matches Exchange Announcement
Lookonchain documented that Hayes obtained more than 132,000 Ethfi tokens through Anchorage Digital. At the transfer price of $0.55 per token, the transaction amounted to approximately $72,800.
Following the transfer, Upbit publicly announced its decision to list Ethfi with Korean won trading pairs. Market participants responded swiftly, driving the token price from $0.54 to $0.64 in rapid succession.
The 18% price movement mirrored behavior observed in previous Upbit listings. Notably, ICP experienced a similar surge exceeding 16% when the platform recently added that asset.
Despite the initial momentum, Ethfi surrendered nearly all of its gains as the session progressed. Weakness across the wider cryptocurrency market contributed to the reversal during that trading period.
Community members responding to the Lookonchain report raised questions about the transaction timing. Still, the purchase amount appeared modest when viewed alongside Hayes’ historical trading activity.
Blockchain data indicates Hayes invested $72,800 in Ethfi during this particular transaction. By comparison, he liquidated approximately $2.15 million worth of related digital assets roughly one month prior.
Recent Trading History Shows Pattern of Asset Rotation
During February, Hayes decreased his holdings across multiple DeFi-related tokens following a market downturn. His Ethfi sales during that timeframe totaled around $950,000.
Additionally, he divested $1 million in ENA and $1.1 million worth of PENDLE. These transactions took place immediately after cryptocurrency markets experienced significant selling pressure.
Those February sales attracted scrutiny because they aligned with a widespread correction across digital asset markets. Hayes did not issue public statements connecting the disposals to any particular catalyst.
Last August, Hayes also liquidated ETH holdings while suggesting the asset might experience further price declines. Major alternative cryptocurrencies subsequently reversed course and recorded substantial percentage advances.
Following that market recovery, Hayes acknowledged repurchasing ETH at elevated price levels. He addressed the Ethereum community directly, expressing regret for his earlier market call.
This latest Ethfi acquisition represents another chapter in Hayes’ active trading history spanning the previous six months. Blockchain monitoring services continue tracking his wallet movements following the Upbit listing disclosure.
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