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Following
ENA 
ETHFI Arthur Hayes spent US$1.17 million to buy 1.9 million ETHFI tokens, and re-entered four months later.
Arthur Hayes purchased 1.9 million ETHFI tokens for US$1.17 million, four months after he had previously sold off some of his positions at a loss. Online data showed that the transaction was tracked about four hours after settlement, and Hayes purchased the transaction at US$0.62 per piece. He previously sold 265,461 ETHFIs in April for US$0.44.
Hayes re-enters after selling at a loss
The latest buying puts Hayes 're-entry price approximately 41% higher than the April ask price. On-chain analysis described the move as another case of "selling low and buying high." Against the backdrop of the overall rise in the cryptocurrency market, ETHFI has increased by 25.3% in the past week. However, the token is still down about 93% from the all-time high of $8.53 set in March 2024.
Price movements occur simultaneously with changes in exchange traffic. ETHFI climbed from approximately US$0.37 to US$0.40 on August 12, and then exceeded US$0.50. The token accelerated its rise between August 20 and 21, hitting a range of approximately US$0.60 to US$0.64.
Volatility of ETHFI exchange traffic intensified
At the same time, as prices rose, net exchange traffic fluctuated significantly. A large inflow of approximately US$65,000 occurred on August 21, transferring more ETHFI tokens to the spot exchange, which can be used for trading at any time.
However, the largest flow occurred on August 22, when net flow fell to approximately minus US$630,000, marking a large outflow of ETHFI from the exchange. Outflows continued on August 23, including approximately US$450,000.
As of press time, ETHFI was trading at approximately US$0.631, up 11.1% in 24 hours. Its market value is US$649.7 million, ranking 92nd.
Hayes trading records show losses in other ETHFI
Before this purchase, Hayes related wallets had recorded multiple losses. A review of three associated wallets showed a cumulative loss of US$2.47 million in 124 transactions covering the period from December 2023 to August 2026.
ETHFI contributed a loss of US$474,000 during this period. Ethena's ENA token was the only profitable position in the review transaction, and the report showed it brought in a gain of $3.23 million.
Hayes's current ETHFI position is approximately US$0.62, and the price remains slightly above this entry point in the near future. Key support levels include $0.60,$0.55 and $0.50. Resistance remains around US$0.64 to US$0.65, while US$0.70 is the next key level identified in market data.
