Upbit Lists $ETHFI After Arthur Hayes' Timed Acquisition
Upbit, South Korea's dominant cryptocurrency exchange, listed $ETHFI, the native token of the Ether.fi liquid restaking protocol, on its Korean Won (KRW) market, introducing a direct $ETHFI/$KRW trading pair. This followed an acquisition by Arthur Hayes, co-founder of BitMEX and a prominent industry figure, who purchased the tokens at an average price of $0.55.
Hayes' recent acquisition from Anchorage Digital followed a prior transaction approximately one month earlier, where he had transferred out an estimated 2.15 million $ETHFI tokens, then valued at $0.47 per token. Trading for the $ETHFI/$KRW pair commenced at 3:30 a.m. UTC.
Market Reaction and Trading Activity
On Binance Spot (USDT), $ETHFI recorded a 4.06% gain within 60 minutes. Other gains included a 12.45% increase on Bybit Spot (USDT) and a 10.42% rise on Binance Futures (USDT) over 60-minute periods. Beyond 60-minute periods, $ETHFI also saw a 15.41% gain on Bybit Spot (USDT) and a 10.44% gain on Binance Futures (USDT) within 15-minute intervals. A 6.18% gain was also reported, reaching a price of $0.61. A 15-minute trading volume of 6.66 million USDT for $ETHFI was recorded on Binance Spot. The market also registered approximately $89.26K in $ETHFI liquidations during this period.