Arthur Hayes has purchased 1.9 million Ether.fi (ETHFI) tokens worth $1.17 million, returning to a position he abandoned earlier this year. According to reports from BeInCrypto, the BitMEX co-founder paid $0.62 per token, returning to a position he abandoned earlier this year. Hayes had sold 265,461 ETHFI at $0.44 in April, collecting approximately $118,000 while booking a loss. The new entry price sits about 41% higher than his previous selling level, representing a significant premium to his previous exit price.
ETHFI has climbed 25.3% over the past week, outpacing Bitcoin's 21.4% gain but trailing Ethereum's 27.8% advance. As reported by BeInCrypto, the token currently trades at $0.631, representing an 11.1% increase over 24 hours. The token's market capitalization stands at $649.7 million, ranking it 92nd among cryptocurrencies. However, ETHFI remains approximately 93% below its March 2024 record of $8.53. According to latest analysis from AMBCrypto, ETHFI has respected the $0.60 demand zone and successfully defended this key support level, with bulls maintaining control after recent weakness.
Whale activity has increased significantly with big players continuing to place orders both in Spot and Futures markets, as per the latest Spot Future Average Order Size data. This surge in whale exposure offers additional bullish indications for the altcoin's recovery. Additionally, spot buyers have been dominating the market, implying that the recovery is being powered by actual demand rather than just leverage. The ongoing demand from whales can help boost the recovery and provide much-needed liquidity to counter further bearishness, according to AMBCrypto analysis.
The market imbalance between $0.69 and $0.73 now stands out as the next major target for ETHFI bulls, as reported by AMBCrypto. In most cases, prices often revisit significant imbalances as markets attempt to rebalance areas of inefficient trading. A break past $0.73 would boost the bullish structure of ETHFI, while a failure before reaching this zone might see the price falling back to the $0.60 support level. The combination of ETHFI's defense of the $0.60 demand zone, whale activity, and spot buyer dominance creates a conducive environment for further gains toward the $0.73 imbalance zone.
