Arthur Hayes Scoops $2M in UNI Despite No Governance or Upgrade Trigger

Arthur Hayes Scoops $2M in UNI Despite No Governance or Upgrade Trigger
Table of Contents

TL;DR

  • Arthur Hayes purchased approximately 284,100 UNI tokens for a total of $2.01 million across two consecutive trading days.
  • The wallet identified on Etherscan as “Arthur Hayes 4” also holds around 8,013 ETH, with no evident market catalyst supporting the transactions.
  • UNI is trading at $6.9 and has posted a 33% weekly gain, though it fell 0.8% in the last few hours and its volume dropped 54%.

Arthur Hayes, co-founder of BitMEX, purchased around 284,100 UNI tokens for approximately $2.01 million spread across two consecutive sessions, with no concrete catalyst —governance vote, protocol upgrade, or relevant market event— backing the transactions. The information comes from on-chain data recorded by Onchain Lens and confirmed by Etherscan, which labels the wallet as “Arthur Hayes 4“.

The first batch, of around 244,400 units, was executed on Sunday. The remaining 39,700 were executed this Monday, after Hayes posted on X the phrase “Time to run it back turbo“, in direct reference to the returns he made during the decentralized finance boom of 2020. He also described UNI as his favorite type of sushi —uni is the Japanese name for sea urchin, a premium ingredient in Japanese cuisine—, a nod that did not go unnoticed among his followers.

Hayes: Large Orders Outside the Open Market

The same wallet accumulating UNI also holds around 8,013 ETH. Etherscan confirms that the address has withdrawn capital from Galaxy Digital, Cumberland, and FalconX, a practice Hayes has maintained since before this transaction to avoid moving prices on public markets. Back in August, he had already rebuilt a position in Ether.fi that he had closed months earlier, evidencing a pattern of opportunistic, large-scale buying.

uniswap uni arthur hayes

The UNI Market Before and After the Purchases

According to data from CoinMarketCap, UNI is trading around $6.9, with a 0.8% decline in the last few hours but a 33% gain over the past week. Its trading volume exceeds $500 million, though it fell 54% compared to the previous session.

The token has accumulated a gain of 76.8% over the past month, but remains 84% below its all-time high of $44.92 recorded in May 2021. Part of its recent strength comes from Robinhood Chain, the Arbitrum Orbit network launched in July that accounts for 66% of the revenue generated by Uniswap across its 47 active chains during August.

Meanwhile, wallets categorized as whales by Nansen increased their UNI holdings from 3.20 million to 3.46 million on September 2, although that same group recorded net sales of $130,256 on decentralized exchanges, suggesting that partial profit-taking occurred.

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