The chain tracking data showed that the Chief Investment Officer of Maelstrom, former CEO Arthur Hayes, had recently transferred 600 ETH to the Centralized Trading Platforms FalconX and Galaxy Digital, with a value of approximately US$ 1.041 million in text. This took place at a time when the reserves of the Taifung exchange had risen, and the market had re-evaluated the short-line outpouring.

6000 ETH to 2 platforms

Onchain Lens traced this shipment of ETH from Hayes' private wallet. The entry of funds into a trading platform does not amount to a sale, but such transfers are usually seen by the market as a potential sign of sale, as assets may be sold on a list at any time once they have entered the place of dealing.

For the market, the impact is not only on the completion of the deal, but also on the expected changes. Arthur Hayes, a well-known trader in the encrypted market, tends to be read in a chain that can easily drive short-line emotions.

Exchange stocks are back up at the same time

The data show that since 5 June, the reserves of the Taifung exchange have increased in dollar terms by some US$ 26.2 billion, up to $22.97 billion. The exchange balance also rose after 9 June when ETH was counted.

As at 18 June, the number of ETHs held by the exchange had increased from 1,454,000 to 1,462,000, an increase of about 80,000. Often, an increase in the number of exchange-soldable assets increases the market ' s concern about the expansion of the pressure.

  • To Platform: FalconX, Galaxy Digital
  • Transfer size: 6,000 ETH
  • Reserve increment: approximately 80,000 ETH

Net spot flows are still biased against sellers

Data on net spot flows, which measure the trading power of the exchange, are also missing. According to the data cited in the report, the total net outflow of ETH was about 66255.2, but sales by their calibre were still on a larger scale than purchases, reflecting that the market as a whole remained seller-driven.

It is also mentioned that the uncompleted data of 19 June at one time showed an increase in purchases, but at the time of submission this change was not sufficient to reverse the overall pattern of weakness.

The market looks back on its past.

It was also mentioned that Arthur Hayes had in the past transferred encrypted assets to a trading platform and that if they were subsequently confirmed for sale, the relevant asset prices would often be under pressure. He had previously stated in early June that he had cleared the HYPE and NEAR, and then both currencies had fallen.

Against this background, the market is more concerned not with single transfers per se, but with whether the supply from the ETH Exchange continues to increase. Short-line price fluctuations could be further exacerbated if there were significant subsequent shifts.