Arthur Hayes, founder of Cryptocurrency Exchange Bitmex, has transferred a large amount of ETHFIs, according to data shared by on-chain analytics platform Arkham. The transaction has increased the likelihood of market players being sold off the market (OTC).
Arthur Hayes’ ethfi sale is attracting market attention
According to reports, Hayes made two important deals today. First, he moved 136,600 ETHFIs to Galaxy Digital and received around 221,000 USDC in return. He then sent 1.08 million ethfi to address 0xab…9532. This is suspiciously linked to the flow desk. The market value of the transfer is reported to be approximately $1.67 million.
In the crypto market, OTC transactions are generally preferred for large volumes of transfers as they are not reflected directly in exchange order books and limit price fluctuations. However, the enormous scale of these sales has attracted investors’ attention and could put pressure on ETHFI prices.
Arthur Hayes has been frequently featured in the cryptocurrency market for his past market commentary and personal investments, and this latest deal has sparked new speculations about his market strategy.
Experts warn that increasing sales of OTCs could impact token liquidity, particularly for new projects, and test market confidence. Hayes’ move has sparked concerns among ETHFI investors about short-term price fluctuations.
*This is not investment advice.
