BitMEX co-founder Mr. Arthur Hayes is showing bold movements in decentralized finance (DeFi) tokens. This clearly indicates a rotation from Ethereum to protocols considered promising, in anticipation of a recovery in 2026.
According to on-chain data, Mr. Arthur Hayes invested a total of about $3.4 million in four DeFi assets. The breakdown is $1.97 million in ENA, $735,330 in ETHFI, $515,360 in PENDLE, and $259,960 in LDO.
Arthur Hayes is actively purchasing tokens ahead of 2026.
These tokens are all trading significantly below their all-time highs, reflecting the downward trend of the entire DeFi sector.
Lookonchain reports that Hayes has converted another $5.5 million worth of Ethereum into a basket of DeFi protocols.
ENA tokens 4.86 million (equivalent to $986,000)
ETHFI tokens 697,851 (equivalent to $485,000)
Of the asset allocation, over 50% is concentrated in the yield tokenization protocol PENDLE.
Arthur Hayes has been steadily increasing his holdings of such assets during price declines, indicating a trust in long-term value. Cryptocurrency analyst Ted Pillows has also confirmed recent withdrawals.
"Arthur Hayes continues to purchase DeFi tokens. Today, he withdrew $1,969,780 from ENA, $735,330 from ETHFI, $515,360 from PENDLE, and $259,960 from LDO," Ted posted.
This consistent accumulation reflects a portfolio strategy based not on short-term speculation but on fundamental value.
Investment materials from Arthur Hayes, ranging from strong performance expectations for ETFs to good business results.
Each token allocated by Hayes this time has a unique growth story.
ENA may benefit from Bitwise's recent ETF application. Eleven types of cryptocurrencies are included, opening the path for inflows from institutional investors.
Pendle currently shows high profitability, providing stable cash flow to token holders quarterly, even as token prices remain low.
"According to the earnings report, cash flows are continuing and accelerating in critical areas. For Pendle, 2025 is a clear cycle. Earnings for the first quarter were $12.88 million, the second quarter $7.52 million, the third quarter $16.17 million, and the fourth quarter $8.02 million," pointed out market analyst Neo Nguyen.
Ether.fi (ETHFI) has achieved record sales through its neo-bank transformation. Monthly card transaction amounts are approaching $50 million.
The scale of buybacks by the protocol fluctuates between $500,000 and $1.5 million weekly, and by 2026, a reduction in token issuance is expected to ease selling pressure.
Holding Lido's LDO allows access to the Ethereum staking sector. The protocol accounts for about 25% of ETH staked, more than twice that of major competitors.
Additionally, Ether.fi's treasury reserves and leading share structure will work favorably when demand for staking yields increases.
Hayes' moves indicate confidence in the recovery of the DeFi market, but the market remains stagnant. Regulatory approval for ETFs, token issuance schedules, and staking competition may also impact performance.
More than 60% of the portfolio is still concentrated in struggling industries, raising concerns about risk concentration.
Still, given that Hayes is gradually increasing his holdings in the low price range, this can be seen as a long-term strategic approach. By shifting funds from Ethereum and concentrating on DeFi protocols with yields, market share, and materials for institutional investors, he seems to be positioning for a sector recovery in 2026.
