Arthur Hayes appears to be accumulating ETH via OTC trades with Galaxy Digital and FalconX, purchasing ~646 ETH for $1.24M.
Macro & Markets ·
On-chain activity shows concentrated ETH accumulation across two over-the-counter trades. A transfer of 1.25 million USDC to Galaxy Digital resulted in receipt of 646.33 ETH valued at approximately $1.24 million, with execution occurring within minutes. A separate 1.25 million USDC transfer to FalconX suggests a second OTC transaction of similar scale, though the specific asset received was not detailed in available data.
The pattern indicates deliberate positioning through institutional trading desks rather than public market orders. On-chain profiling tools track such wallet-to-wallet movements, allowing visibility into large structured purchases that bypass conventional exchange liquidity pools.
The total notional value across both transactions approached $2.5 million in USDC deployed. Whether the FalconX leg completed as an ETH purchase, the timing of these movements relative to broader market conditions, and whether additional accumulation occurred remain unconfirmed.