According to on-chain data monitoring, Arthur Hayes has recently moved a large amount of ETH—transferring 682 ETH to a major exchange, which is approximately worth around $2 million at current market prices. As soon as this transfer appeared on the blockchain, it was immediately captured by numerous data tracking platforms. For traders who pay attention to the movements of large holders, such on-chain fund flows often contain the latest strategic adjustments of market participants. As a well-known crypto investor and opinion leader, every large transaction by Hayes tends to trigger market speculation—whether he is positioning for new trading opportunities or reacting to the current market. This real-time on-chain transparency allows anyone to see the fund movements of major holders, which is a significant advantage of the blockchain ecosystem compared to traditional finance.