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Arthur Hayes Bought ETHFI Just Hours Before Major Upbit Listing – Insider Edge?

The former CEO of the derivatives large BitMEX has made a number of multi-million-dollar trades over the previous six months or so, however his newest buy raised some eyebrows within the cryptocurrency group.

This is as a result of it preceded a significant itemizing of the token he purchased, which pushed its worth up by double digits.

Did He Know?

Lookonchain information from earlier at this time reveals that Hayes obtained over 132,000 ETHFI tokens from Anchorage Digital at $0.55 per one. Shortly after, information emerged on social media that one of many largest South Korean exchanges, Upbit, had listed the asset for buying and selling towards the native received.

Similar listings by the Asian large have led to fast worth pumps for the underlying asset on virtually all events. One of the most recent examples concerned ICP, whose worth skyrocketed by over 16% final week.

Although ETHFI is a a lot smaller altcoin, its pump was basically related, going up by 18% from $0.54 earlier than the announcement to $0.64 minutes after it. However, it was halted there and has misplaced virtually all positive factors, maybe pushed by the general market-wide correction at this time.

Even although some feedback under the unique submit certainly questioned whether or not Hayes certainly had some insider information, the quantity of ETHFI he obtained appears relatively negligible in comparison with what he bought a month in the past – $72.8K now vs. $2.15 million again then.

Previous Sell-Offs

CryptoPotato reported in February, shortly after the market tumbled, that Hayes had disposed of a lot of DeFi-linked tokens, together with ETHFI. Aside from a $950,000 ETHFI promoting spree, he additionally dumped $1 million price of ENA and $1.1 million price of PENDLE.

Hayes even sold ETH final August, suggesting on the time that the asset’s worth is prone to tumble. However, the biggest altcoins went on a run as a substitute, leaping by double digits in weeks. As such, Hayes explained that he needed to rebuy at larger costs and requested for forgiveness from the Ethereum group.

The submit Arthur Hayes Bought ETHFI Just Hours Before Major Upbit Listing – Insider Edge? appeared first on CryptoPotato.

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