Upbit KRW Listing Causes 20% Spike as Arthur Hayes Accumulates

Ether.fi’s ETHFI token has been added to South Korea’s largest crypto exchange with a new ETHFI/KRW pair, giving it direct access to a massive retail market.

Trading started on March 19 at 12:30 PM KST. ETHFI was already available in BTC and USDT pairs on Upbit, but KRW pairs usually bring in much higher activity. That’s exactly what played out here.

Upbit also introduced its usual controls during the launch. Buy orders were restricted for the first five minutes, and certain low-priced sell orders were limited. Only limit orders were allowed for around two hours. Deposits also came with strict rules, including Travel Rule compliance and wallet verification.

Price Reaction: Sharp Spike, Then Cool-Off

Right after the listing news, ETHFI jumped more than 20%, reaching around $0.65, its highest level since mid-January. 

But the move didn’t hold. As more trades came in, the price pulled back and settled near the $0.57–$0.60 range. At the time of writing, it’s trading around $0.55, still up about 5% on the day.

This kind of move is common with exchange listings, a fast rise followed by a drop as early buyers take profits. 

What Ether.fi Actually Does

Ether.fi is part of Ethereum’s liquid restaking space. It lets users stake ETH while still using their funds through tokens like eETH and weETH in DeFi.

ETHFI is the main token behind the platform. It’s used for governance and plays a role in how the system runs and rewards users.

Also Read :   FTX to Distribute $2.2B to Creditors in Fourth Payout on March 31  ,

Hayes’ Backing Adds Confidence

BitMEX co-founder Arthur Hayes also stepped in just before the listing. Lookonchain data shows he received 132,730 ETHFI worth about $72,800 only a few hours before the announcement. Earlier, he had sold around 2.15 million ETHFI near $0.47 and later bought back in around $0.55, showing a planned move.

He had also spoken about the project before, pointing out that it has real users and real income. Ether.fi’s revenue run rate had jumped from about $18 million to nearly $80 million, which is not very common in DeFi projects.

Overall, at present, the Upbit listing is the main driver behind this move. The price reacted fast and then slowed down, which is typical.

Now, ETHFI has more visibility, especially in the Korean market. What happens next will depend on how much activity continues after this initial listing phase.

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