Haciyev Reşit 
One of the most controversial figures in the crypto world, BitMEX founder Arthur Hayes, may have carried out a massive sale of an altcoin he had been holding for a long time, according to on-chain data.
On-Chain Data Points to Possible Sale
Blockchain analytics platforms revealed that Hayes transferred 1.22 million EtherFi (ETHFI) tokens — worth about $1.88 million — to Binance and Galaxy Digital wallets.
Large transfers of this nature are often interpreted by investors as a “sell signal,” since tokens sent to exchanges or custodians are usually prepared for liquidation. However, analysts note that without access to the internal data of these exchanges, it’s not possible to confirm whether the tokens have actually been sold.
Price Impact
Following the transfer, ETHFI’s price showed notable volatility in the market. The token dropped 3.6% within 24 hours, marking a sharp decline.
Currently:
- ETHFI is still trading 82% below its all-time high (ATH) of $8.57 reached last year.
- At the same time, it remains 273% above its all-time low (ATL) recorded five months ago.
This contrast highlights investors’ indecision regarding ETHFI and shows that the token continues to carry significant volatility.
Arthur Hayes and His Controversial Past
Arthur Hayes is a figure who has frequently come under the spotlight in the crypto space due to allegations of market manipulation. As the founder of BitMEX, he was forced to step down following legal troubles and was even sentenced in the U.S.
A major twist came recently: Hayes was pardoned by U.S. President Donald Trump. After this pardon, Hayes re-emerged more visibly in the crypto sector. His latest move has once again drawn the full attention of investors.
Market Expectations
Analysts emphasize that whether Hayes actually sold his ETHFI tokens will play a crucial role in the short-term trajectory of the price. Movements by large players like Hayes can directly influence market sentiment and token psychology, potentially amplifying volatility in the near term.
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