Upbit ETHFI listing sparks price surge and speculation

Upbit listed ETHFI for KRW trading, triggering an 18% surge. Arthur Hayes’s pre-listing purchase raised speculation. The token later retraced but stayed positive despite a bearish market.

South Korean exchange Upbit has listed Ether.fi’s ETHFI token for KRW trading, marking a notable development in the local crypto market. The listing, which began on March 19, 2026, led to a sharp price surge of over 18%, with ETHFI peaking near $0.65 before settling around $0.55. This rally was fueled by a significant purchase of 132,000 ETHFI tokens at $0.55 each by Arthur Hayes just hours before the listing, sparking speculation among traders. Upbit enforced strict trading controls and compliance measures during the launch to ensure market stability. Despite a broader market downturn, ETHFI remained resilient, breaking out of a descending wedge pattern and reaching a local high of $0.7027 before a modest pullback. The listing grants Korean investors direct access to Ethereum’s liquid staking derivatives, with price action reflecting typical post-listing volatility.