Arthur Hayes moves 6,000 ETH to exchanges — Is the market topping out?

The article argues Ethereum may be nearing a local top as on-chain and exchange flow data turn more bearish. Arthur Hayes transferred 6,000 ETH, worth about $10.41 million, from private wallets to centralized exchanges FalconX and Galaxy Digital, a move often interpreted as potential sell-side pressure. Ethereum exchange reserves have also risen, with dollar-denominated reserves up about $2.62 billion since June 5 and ETH balances increasing by roughly 80,000 ETH to 14.62 million. Spot netflows showed a net outflow of about 66,255 ETH, suggesting sellers have been more active overall. The piece says Hayes’ previous exchange transfers were followed by price weakness in other tokens, reinforcing concerns that ETH could face further downside if selling accelerates.