BitMEX co-founder Arthur Hayes has executed a significant portfolio rebalancing, selling approximately 1,871 Ethereum (ETH) worth around $5.53 million over the past week. On-chain analytics firm Lookonchain reported that Hayes deposited 682 ETH ($2M) to Binance and 508.6 ETH to Galaxy Digital, with proceeds being rotated into the DeFi tokens Ethena (ENA), Pendle (PENDLE), and Ether.fi (ETHFI).
This activity represents a structured rotation, not a full exit from crypto. Arkham Intelligence data reveals Hayes's ETH holdings have plummeted from roughly 16,000 ETH in 2022 to about 3,160 ETH currently. Concurrently, his stablecoin position, primarily in USDC, has ballooned from about $1 million in mid-November to approximately $48 million, now constituting over 60% of his $73.9 million portfolio. This massive stablecoin buffer is interpreted as "dry powder" providing optionality in a fearful market.
Hayes has publicly framed this move as a shift from ETH into what he calls "high-quality DeFi names," arguing they are positioned to outperform when global fiat liquidity conditions improve. The targeted tokens—ENA, PENDLE, and ETHFI—are all down between 80% and 90% year-to-date in 2025, indicating a contrarian, value-oriented investment thesis rather than trend-following.
