BitMEX co-founder Arthur Hayes has made bold moves toward decentralized finance (DeFi) tokens, signaling a clear shift away from Ethereum toward protocols that he believes are poised for a 2026 recovery.
On-chain data shows that 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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This accumulation comes as these tokens trade significantly below their all-time highs, reflecting a broader slowdown in the DeFi sector.
Lookonchain reports that Hayes converted another $5.5 million in Ethereum into a basket of DeFi protocols, including:
4.86 million ENA tokens worth $986,000
697,851 ETHFI tokens worth $485,000.
The largest share of its allocation, over 50%, is concentrated in PENDLE, a yield tokenization protocol.
Arthur Hayes has steadily accumulated these assets during price declines, demonstrating his confidence in their long-term value. Ted Pillows, a crypto analyst, confirmed the recent withdrawals.
“Arthur Hayes continues to buy DeFi tokens. Today he withdrew $1,969,780 in ENA, $735,330 in ETHFI, $515,360 in PENDLE, and $259,960 in LDO,” Ted wrote.
This constant accumulation reflects a portfolio strategy based on fundamental value rather than short-term speculation.
Each token in Hayes’ new allocation is tied to a specific growth story.
ENA could benefit from Bitwise’s recent ETF filing, which includes 11 cryptocurrencies, potentially opening the door to institutional flows.
Pendle has demonstrated strong revenue generation despite low token prices, providing consistent quarterly cash flow to token holders.
“The income statements show cash flow continuing to flow and accelerating where it counts. For Pendle, 2025 is following a clear cycle. Revenue was $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,” wrote market analyst Neo Nguyen.
Ether.fi (ETHFI) is seeing record revenues thanks to its Neobank pivot, with monthly card payment volumes close to $50 million.
Protocol buybacks, currently between $500,000 and $1.5 million per week, are expected to combine with reduced token issuance in 2026, responding to current selling pressure.
On-chain Ether.fi metrics. Source: DéfiLlama
The LDO exhibition at Lido offers access to Ethereum staking, the protocol controlling nearly 25% of the ETH staked. This is more than double that of main competitors.
Additionally, Ether.fi’s cash reserves and dominant market share allow it to capitalize on the growing demand for staking yields.
Although Hayes’ moves highlight confidence in a DeFi rebound, the market remains subdued. Regulatory approvals for ETFs, token issuance schedules, and staking competition could all influence performance.
The concentration risk is notable since more than 60% of its portfolio is based on a sector still emerging from a slowdown.
Nonetheless, Hayes’ methodical accumulation during periods of low prices suggests a long-term strategy. By leaving Ethereum and focusing on DeFi protocols with revenue, market share and institutional catalysts, Hayes appears to be positioning himself for a potential resurgence of the sector in 2026.
Read the original story Arthur Hayes deploys $3.4 million in 4 DeFi tokens: betting on the return in 2026? by Lockridge Okoth on beincrypto.com
