BitMEX co-founder Arthur Hayes has made a bold move with decentralized finance (DeFi) tokens, signaling a clear rotation away from Ethereum to protocols he believes are poised for a recovery in 2026.
According to on-chain data, Hayes has deployed over $3.4 million in four DeFi assets: $1.97 million in ENA, $735,330 in ETHFI, $515,360 in PENDLE, and $259,960 in LDO.
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What tokens will Arthur Hayes accumulate in 2026?
This accumulation comes as these tokens trade well below their all-time highs, reflecting a broader downturn in the DeFi sector.
According to a report from Lookonchain, Hayes converted an additional $5.5 million in Ethereum into a basket of DeFi protocols, including:
4.86 million ENA tokens are worth $986,000 and 697,851 ETHFI tokens are worth $485,000.
The lion’s share of his allocation, over 50%, is focused on PENDLE, a yield tokenization protocol.
Arthur Hayes has steadily accumulated these assets during times of falling prices, demonstrating that he believes in long-term value. Cryptocurrency analyst Ted Pillows confirmed the recent withdrawals.
“Arthur Hayes continues to purchase DeFi tokens. To date, he has withdrawn $1,969,780 in ENA, $735,330 in ETHFI, $515,360 in PENDLE, and $259,960 in LDO,” Ted wrote.
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This consistent accumulation reflects a portfolio strategy based on fundamental value rather than short-term speculation.
Arthur Hayes’ motivations for betting range from ETF outlook to strong returns
Each token in Hayes’ new allocation is tied to a specific growth story.
ENA could benefit from Bitwise’s recent filing for an ETF that includes 11 cryptocurrencies, potentially opening the door to inflows of institutional capital.
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Pendle has demonstrated solid revenue generation despite low token prices, providing consistent quarterly cash flow to token holders.
“The income statement shows that cash flow is still flowing and accelerating where it matters. For Pendle, 2025 follows a clear cycle, with revenue of $12.88 million in the first quarter, $7.52 million in the second quarter, $16.17 million in the third quarter, and $8.02 million in the fourth quarter,” market analyst Neo Nguyen wrote.
Ether.fi (ETHFI) has achieved record revenue through its Neobank pivot, with monthly card payments approaching $50 million.
The protocol’s buybacks, which currently occur between $500,000 and $1.5 million each week, will be combined with a reduction in token emissions in 2026 to address ongoing selling pressure.
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Lido’s LDO exposure provides access to Ethereum staking, with the protocol controlling nearly 25% of staked ETH. This is more than double that of our major competitors.
Additionally, Ether.fi’s financial reserves and leading market share position it to take advantage of the growing demand for staking yields.
Hayes’ move highlights confidence in DeFi’s recovery, but the market remains depressed. An ETF’s regulatory approvals, token issuance schedule, and competition in staking can all impact performance.
Concentration risk is significant, as more than 60% of his portfolio relies on sectors that are emerging from a downturn.
Still, Hayes’ systematic buildup during periods of low prices suggests a long-term strategy. Hayes appears poised for a potential sector revival in 2026 by rotating away from Ethereum and focusing on DeFi protocols with revenue, market share, and institutional catalysts.
