The transfers, valued at several million dollars, have raised concerns that over-the-counter (OTC) selling could be weighing on sentiment.

Market Watching Hayes’ Next Move

Hayes has long been a market-moving figure, and traders often pay attention to his portfolio shifts as signals.

This time, Arkham data pointed to two notable transactions: one involving a swap with Galaxy Digital, netting him hundreds of thousands of USDC, and another sending more than a million ETHFI to an address believed to be linked with market-making firm Flowdesk. Combined, the moves represented well over $1.8 million worth of tokens.

Why OTC Deals Matter

Large transfers routed through OTC desks are a common tactic among whales to avoid spooking order books on public exchanges. But when the sums are this significant, investors still take notice. Analysts note that for a relatively new token like ETHFI, liquidity is thinner, meaning even discreet sales can create lingering pressure on price.

Whether Hayes is trimming his position, reallocating, or simply facilitating a deal remains unclear. Still, the visibility of his trades has stirred debate across trading circles, with some speculating this could hint at a cautious stance toward ETHFI in the short run.

READ MORE:

Dogecoin News: Analysts Spot Early Signs of a Major Price Move

Bigger Picture for ETHFI Investors

Experts caution that consistent OTC selling from influential holders could dampen confidence and slow momentum for newer projects. While ETHFI has attracted attention as a fresh entrant in the market, moves like Hayes’ highlight how quickly sentiment can shift when large players act.

For now, the spotlight remains fixed on Hayes — and on whether his transfers signal a broader trend or just a one-off shuffle.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

The post BitMEX Founder Transfers Millions in ETHFI, Market Reacts appeared first on Coindoo.