Arthur Hayes, the co-founder of BitMEX, has executed a significant strategic shift by aggressively accumulating DeFi tokens, specifically purchasing 4.86 million ENA (worth approximately $986,000) and 697,851 ETHFI (valued around $485,000). This is not his first entry into these assets but represents a pattern of repeat accumulation, signaling a strengthening conviction in the decentralized finance sector.
The on-chain data, shared by Lookonchain, confirms these purchases were executed via Galaxy Digital, highlighting their institutional-grade nature. Hayes has been transparent about his evolving strategy, publicly stating in December 2025 that he was rotating out of Ethereum and into high-quality DeFi assets. This thesis has been consistently executed, with Hayes selling 1,871 ETH (worth about $5.53 million) in the past two weeks alone.
Instead of holding stablecoins or moving to Bitcoin, the capital from these Ethereum sales has been reallocated into DeFi tokens including PENDLE, LDO, ENA, and ETHFI. This shift underscores Hayes's view that DeFi protocols, not already-massively-valued Layer 1 assets, will be the primary beneficiaries of improving global liquidity conditions and returning risk appetite.
ENA and ETHFI were not random selections. ENA focuses on scalable, composable financial primitives, while ETHFI offers exposure to Ethereum-native financial mechanisms without direct dependence on ETH's price. Hayes's repeated buys signal an expectation that protocol revenue, staking mechanics, and real yield will drive the next wave of market outperformance, a contrast to prior cycles dominated by speculative narratives.
This pattern of accumulation suggests Hayes is building a core, long-term position rather than engaging in short-term momentum trading. His actions align with a broader macro narrative where yield-generating crypto assets are poised to benefit disproportionately. By positioning ahead of this transition, Hayes is betting that capital will increasingly chase productivity and protocol utility found in DeFi, potentially setting the stage for a DeFi-led market rally.
