Arthur Hayes, co-founder of BitMEX, has sold a massive chunk of his Ethereum holdings worth $5.53 million and rotated into three beaten-down DeFi tokens.
Quick Summary – TLDR:
- Arthur Hayes sold around 1,871 ETH, worth over $5.5 million, in a week-long portfolio reshuffle.
- He used the funds to buy ENA, Pendle, and ETHFI tokens, all of which are down 80 to 90 percent in 2025.
- Hayes’ Ethereum holdings have dropped sharply from 16,000 ETH in 2022 to just over 3,000.
- He now holds more stablecoins and DeFi tokens, citing better potential in a liquidity recovery.
What Happened?
In a series of on-chain moves tracked by platforms like Lookonchain and Arkham, Arthur Hayes offloaded over 1,800 ETH in recent days and redirected the proceeds into a handful of decentralized finance tokens. His Ethereum holdings have plummeted to less than 20 percent of his total crypto portfolio as he seeks opportunities that align with shifting market conditions.
Arthur Hayes(@CryptoHayes) has just deposited another 682 $ETH($2M) into #Binance to sell and rotate into high-quality DeFi tokens.
— Lookonchain (@lookonchain) December 24, 2025
In the past week, he has sold a total of 1,871 $ETH($5.53M), and bought 1.22M $ENA($257.5K), 137,117 $PENDLE($259K), and 132,730 $ETHFI($93K).… pic.twitter.com/2mddOY3H1t
A Sharp Turn from Ethereum to DeFi
Hayes’ pivot began earlier this month and gained momentum over the past week. On December 24, he sent 682 ETH, worth around $2 million, to Binance. Earlier that week, he transferred 508.6 ETH (around $1.5 million) to Galaxy Digital. Together, these moves total 1,871 ETH worth $5.53 million.
Instead of holding onto the ETH or converting it all into stablecoins, Hayes redeployed the funds into three DeFi tokens:
- 1.22 million ENA valued at $257,500
- 137,117 PENDLE worth about $259,000
- 132,730 ETHFI priced near $93,000
All three tokens have seen sharp declines this year, losing 80 to 90 percent of their value in 2025. Yet Hayes sees promise in these assets, especially as liquidity conditions potentially improve.
ENA: A Recurring Favorite
The bulk of Hayes’ DeFi investment went into ENA, a token he has shown repeated interest in. He had previously accumulated ENA earlier in 2025 but sold a portion during market weakness. His recent purchase of 1.22 million ENA, even at lower prices, signals renewed confidence in its long-term value.
ENA appears to be a core part of Hayes’ portfolio shift strategy. He has repeatedly acquired the token in weekend sessions, aligning his trades with perceived dips and aiming to catch the upside of any recovery.
Pendle and ETHFI: Yield and Infrastructure Bets
In addition to ENA, Hayes added over 137,000 PENDLE, a token tied to yield-bearing DeFi products. Although PENDLE has performed poorly this year, Hayes treated the decline as a buying opportunity, consistent with his contrarian style.
Similarly, he bought more than 132,000 ETHFI, showing interest in another deeply discounted DeFi name. ETHFI’s price may have dropped sharply in 2025, but it still fits into Hayes’ broader goal of identifying tokens that could rally when market liquidity returns.
Stablecoins Now Dominate Hayes’ Portfolio
The move away from Ethereum is not just about shifting into altcoins. Hayes has significantly boosted his stablecoin holdings, especially USDC, which now account for more than 60 percent of his crypto portfolio. According to Arkham data, he has grown his USDC stack from $1 million to nearly $48 million since mid-November.
Meanwhile, his Ethereum stash has dropped from 16,000 ETH in 2022 to just 3,160 ETH today. He sold 3,440 ETH since November alone.
Hayes openly discussed the strategy on X, stating that he was rotating “out of ETH and into high-quality DeFi names, which we believe can outperform as fiat liquidity improves.”
We are rotating out of $ETH and into high-quality DeFi names, which we believe can outperform as fiat liquidity improves.
— Arthur Hayes (@CryptoHayes) December 20, 2025
SQ Magazine’s Takeaway
I think Arthur Hayes is making a gutsy bet here. Offloading over $5 million in Ethereum at a time when market sentiment is still shaky and shifting into altcoins that are 80 to 90 percent down takes real conviction. But Hayes has always been known for bold plays, and this one is clearly aimed at timing a liquidity comeback. While many are running to safety, he is leaning into risk. This could either be genius or another misstep, but it’s definitely one of the more interesting strategic moves in crypto this year.
