Key Takeaways
- BitMEX co-founder Arthur Hayes purchased 132,000 Ethfi tokens valued at $0.55 apiece prior to Upbit’s listing announcement.
- Following the Upbit news, Ethfi experienced an 18% rally, climbing from $0.54 to $0.64 in a matter of minutes.
- The token subsequently lost the majority of its gains amid a wider cryptocurrency market downturn.
- Blockchain analytics firm Lookonchain tracked the transfer, noting the tokens originated from Anchorage Digital.
- The coincidental timing between Hayes’ acquisition and the listing news prompted scrutiny from observers.
BitMEX co-founder Arthur Hayes obtained Ethfi tokens just hours before Upbit made its listing public. Blockchain analytics revealed he acquired 132,000 Ethfi at $0.55 per unit. The transaction came immediately before an explosive 18% price movement, prompting speculation about the purchase’s timing.
Token Acquisition Timing Aligns With Exchange Announcement
Blockchain monitoring service Lookonchain identified Hayes as the recipient of more than 132,000 Ethfi tokens transferred from Anchorage Digital. At $0.55 per token, the transaction amounted to approximately $72.8K.
Interesting — just 5 hours after Arthur Hayes(@CryptoHayes) bought $ETHFI, #Upbit announced its listing.https://t.co/QEgAyVQ4lz pic.twitter.com/9jorCuAHuX
— Lookonchain (@lookonchain) March 19, 2026
Shortly following this transfer, information spread across social platforms regarding Upbit’s decision to introduce Ethfi trading against the Korean won. Market participants responded swiftly, driving the token’s value from $0.54 to $0.64 in mere moments.
This 18% price acceleration mirrored behavior observed during previous Upbit listings. Notably, ICP recorded gains exceeding 16% when Upbit added the asset to its platform recently.
Despite the initial momentum, Ethfi couldn’t sustain its elevated price level and gave back most of the appreciation. A simultaneous correction across the broader cryptocurrency ecosystem contributed additional downward pressure.
Multiple observers responding to Lookonchain’s disclosure raised questions about whether Hayes possessed advance information. Nevertheless, the transaction’s scale appeared modest when viewed against his historical trading activity.
The data indicates Hayes committed $72.8K to this Ethfi purchase. By comparison, he liquidated approximately $2.15 million in comparable tokens roughly one month prior.
Historical Token Liquidations by Hayes
During February, Hayes decreased his positions across multiple DeFi-related assets following declining market conditions. He disposed of roughly $950,000 in Ethfi during this timeframe.
Additionally, he liquidated $1 million worth of ENA and $1.1 million in PENDLE. These transactions took place immediately after markets experienced significant downward momentum.
These previous liquidations attracted considerable interest since they coincided with widespread weakness throughout cryptocurrency markets. Hayes offered no public explanation connecting the sales to particular market events.
Previously in August, Hayes also divested ETH holdings while cautioning that the asset might decline further. Subsequently, prominent alternative cryptocurrencies staged recoveries and registered substantial percentage increases.
Following these rebounds, Hayes acknowledged repurchasing ETH at elevated price points. He publicly appealed to the Ethereum community for understanding regarding his market calls.
This latest Ethfi acquisition extends his documented trading history spanning recent months. Blockchain surveillance platforms continue observing his wallet movements following Upbit’s listing disclosure.
