BitMEX co-founder Arthur Hayes has decided that Ethereum is so last season, darling, and has instead thrown $3.4 million into the DeFi equivalent of a clearance sale. 🛍️✨ Is he a visionary or just a man with too much money and a penchant for high-stakes bingo? Only 2026 will tell.
According to on-chain data-because who doesn’t love a good spreadsheet voyeurism session-Hayes has allocated his millions like a kid in a candy store, but with fewer lollipops and more acronyms: $1.97 million in ENA, $735,330 in ETHFI, $515,360 in PENDLE, and a paltry $259,960 in LDO. 🍭📉
Hayes’ DeFi Shopping Spree: What’s in His Cart? 🛒
These tokens are trading so far below their all-time highs that they’re basically in the bargain bin. Lookonchain reports that Hayes also converted another $5.5 million in Ethereum into a DeFi grab bag, including:
- 4.86 million ENA tokens valued at $986,000 (because who doesn’t love a good deal?)
- 697,851 ETHFI tokens worth $485,000 (nice).
Over 50% of his allocation is in PENDLE, a yield tokenization protocol. Because nothing says “I’m serious about finance” like betting on something called PENDLE. 📈🤡
Arthur Hayes(@CryptoHayes) just bought 4.86M $ENA($986K) and 697,851 $ETHFI($485K) again.
– Lookonchain (@lookonchain) December 31, 2025
Hayes has been scooping up these assets during price dips, which is either genius or the financial equivalent of collecting seashells on a sinking ship. 🏖️🚢 Ted Pillows, a crypto analyst with a name that sounds like a forgotten 80s sitcom character, confirmed the withdrawals. Because nothing says “trust me” like a man named Ted Pillows.
“Arthur Hayes continues to buy DeFi tokens. Today, he has withdrawn $1,969,780 in ENA, $735,330 in ETHFI, $515,360 in PENDLE, and $259,960 in LDO,” wrote Ted. Probably while sitting on a pile of pillows. 🛋️
This consistent accumulation is either a masterclass in long-term investing or a very expensive way to say, “I’m not wrong, the market is wrong.” 🤓💼
Why Hayes’ Bets Are Less ‘Sure Thing’ and More ‘Wishful Thinking’ 🌈🤞
Each token in Hayes’ portfolio has a growth narrative that sounds like a crypto fairy tale. ENA might benefit from Bitwise’s ETF filing, which includes 11 cryptocurrencies. Because nothing says “institutional inflows” like a filing that’s probably gathering dust in some SEC office. 📁💤
Bitwise filed 11 cryptocurrency ETFs!
Bitwise AAVE Strategy ETF
Bitwise UNI Strategy ETF
Bitwise ZEC Strategy ETF
Bitwise CC Strategy ETF
Bitwise ENA Strategy ETF
Bitwise Hyperliquid Strategy ETF
Bitwise NEAR Strategy ETF
Bitwise STRK Strategy ETF
Bitwise SUI Strategy ETF…– ETF Hearsay by Henry Jim (@ETFhearsay) December 30, 2025
Pendle, meanwhile, is generating revenue like a boss, even though its token prices are in the gutter. Neo Nguyen, a market analyst with a name that sounds like a Bond villain, noted that Pendle’s cash flow is “accelerating in the places that matter.” Whatever that means. 🕶️💰
“The income statements show cash flow still flowing, and accelerating in the places that matter. For Pendle, 2025 follows a clear cycle. Revenue came in at $12.88 million in Q1, $7.52 million in Q2, $16.17 million in Q3, and $8.02 million in Q4,” wrote Neo. Probably while stroking a white cat. 🐱
Ether.fi (ETHFI) is pivoting to a Neobank, because why not? Their monthly card payment volumes are nearing $50 million, which is impressive until you remember that’s in crypto, where $50 million can disappear faster than a fart in a windstorm. 💨💳
Protocol buybacks and reduced token emissions in 2026 are supposed to address sell pressure. Because nothing says “we’ve got this” like a plan that’s two years away. 📅🤷♂️
Lido’s LDO exposure gives Hayes access to Ethereum staking, which is like being the king of a very specific, very nerdy hill. 🏰🤓 Ether.fi’s treasury reserves and market share position it to capitalize on staking yields, which is great, assuming staking yields don’t go the way of the dodo. 🦤
While Hayes’ moves scream confidence, the market is about as subdued as a funeral for a goldfish. Regulatory approvals, token emissions, and staking competition could all turn this DeFi rebound into a rebound check that bounces. 📉🐟
With over 60% of his portfolio in a sector still recovering from a downturn, Hayes is either a genius or a man who’s never heard the phrase “don’t put all your eggs in one basket.” 🧺🥚 Still, his methodical accumulation during low-price periods suggests he’s playing the long game. Or maybe he just really likes DeFi. 🤷♂️💖
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2026-01-01 11:48