Arthur Hayes, the co-founder of cryptocurrency exchange BitMEX, has executed a significant portfolio rebalancing, selling more than 1,800 Ethereum (ETH) over the past week and shifting a substantial portion of his holdings into stablecoins and select DeFi tokens.
According to on-chain analytics platform Lookonchain, Hayes deposited an additional 682 ETH (worth approximately $2 million) into Binance on December 24, 2025, to sell. This transaction brought his total ETH sales for the week to 1,871 ETH, valued at around $5.53 million. The proceeds were used to purchase several DeFi tokens: 1.22 million ENA ($257.5K), 137,117 PENDLE ($259K), and 132,730 ETHFI ($93K).
This activity aligns with a strategy Hayes publicly shared on his X (formerly Twitter) account. He stated, "We are rotating out of ETH and into high-quality DeFi names, which we believe can outperform as fiat liquidity improves." The purchased tokens—ENA, PENDLE, and ETHFI—have reportedly declined by 80–90% year-to-date, suggesting Hayes is positioning for a potential recovery.
A deeper analysis of his portfolio via Arkham Intelligence reveals a broader, longer-term trend. Since November, Hayes's ETH holdings have dropped from 6,500 ETH to 3,160 ETH, indicating sales of over 3,440 ETH during that period. This is part of a steady decline from a peak of 16,000 ETH held in 2022.
Concurrently, his portfolio has undergone a dramatic shift toward stablecoins. Out of a total portfolio valued at $74 million, nearly $48 million is now held in USDC, representing over 60% of its total value. Arkham data shows his USDC holdings surged from $1 million to nearly $48 million since mid-November, a period characterized by prevailing market fear.
This move is noteworthy given Hayes's previous bullish stance on Ethereum, having once predicted it could reach $20,000 and that holding 50 ETH could make someone a millionaire by the next U.S. presidential election.
