Arthur Hayes Bought ETHFI Hours Before Upbit Listing Fueled a Double-Digit Spike

Arthur Hayes, the former CEO of derivatives exchange BitMEX, has placed several multi-million-dollar crypto trades over the past six months. His latest move drew fresh attention after it came just ahead of a major exchange listing that briefly sent the token sharply higher. On-chain tracker Lookonchain said Hayes received more than 132,000 ETHFI tokens from Anchorage Digital at about $0.55 each. Within hours, Upbit—one of South Korea's largest exchanges—announced that it had listed ETHFI for trading against the Korean won, a type of listing that has often triggered rapid price jumps in the past. Lookonchain noted the timing, saying Upbit's listing announcement came about five hours after Hayes bought ETHFI. ETHFI climbed roughly 18%, rising from around $0.54 before the news to about $0.64 minutes after the announcement. The rally quickly faded, with the token giving back most of the gains amid a broader market pullback. Some traders questioned whether Hayes had advance knowledge of the listing. The dollar value of this purchase, though, was relatively small compared with his prior activity—about $72.8K now versus roughly $2.15 million in sales reported a month earlier. Hayes has recently been an active seller of DeFi-linked tokens. CryptoPotato reported in February that he sold about $950,000 worth of ETHFI, along with roughly $1 million of ENA and $1.1 million of PENDLE. He also sold ETH in August, arguing at the time that prices were likely to fall. Instead, major altcoins rallied by double digits in the following weeks, prompting Hayes to say he had repurchased at higher levels and to ask the Ethereum community for forgiveness. The article "Arthur Hayes Bought ETHFI Just Hours Before Major Upbit Listing – Insider Edge?" appeared first on CryptoPotato.