TLDR

Arthur Hayes has allocated over $3.4M into four DeFi tokens during a broader market downturn
His largest investment is in PENDLE, a protocol for yield tokenization
Ether.fi reports $50M in monthly card payments with weekly buybacks of up to $1.5M
Lido currently holds nearly 25% of staked ETH, double its nearest competitor

Arthur Hayes, co-founder of BitMEX, has shifted over $3.4 million from Ethereum into a group of decentralized finance (DeFi) tokens. On-chain transaction data reveals that this rotation began during the recent market downturn. Hayes’ moves are seen as a calculated strategy to accumulate undervalued DeFi assets ahead of a possible recovery by 2026.

Arthur Hayes(@CryptoHayes) just bought more DeFi tokens.

Over the past 2 weeks, he sold 1,871 $ETH($5.53M) and then bought:

961,113 $PENDLE($1.75M)
2.3M $LDO($1.29M)
6.05M $ENA($1.24M)
491,401 $ETHFI($343K)https://t.co/loeYKUb9rN pic.twitter.com/xTxyx34SXk

— Lookonchain (@lookonchain) December 31, 2025

The latest allocation includes $1.97 million in Ethena (ENA), $735,330 in Ether.fi (ETHFI), $515,360 in Pendle (PENDLE), and $259,960 in Lido DAO (LDO). The tokens were acquired through wallet activity confirmed by blockchain tracking service Lookonchain.

Majority of Allocation Focused on Pendle and ENA

More than half of Hayes’ current portfolio in this category is focused on Pendle, a protocol specializing in tokenized yield. Lookonchain reports he has withdrawn $515,360 worth of PENDLE during recent market dips.

He also purchased 4.86 million ENA tokens valued at $986,000 as part of a broader $5.5 million Ethereum rotation into DeFi. ENA, which powers Ethena, is being closely watched for potential institutional interest due to Bitwise’s ETF filing, which includes ENA among its listed cryptocurrencies.

Market analyst Neo Nguyen shared that, despite the token’s low price, Pendle generated $44.59 million in revenue across four quarters in 2025. The protocol earned $12.88 million in Q1, $7.52 million in Q2, $16.17 million in Q3, and $8.02 million in Q4.

Ether.fi Sees Strong On-Chain Revenue Growth

Ether.fi (ETHFI) has become another major holding in Hayes’ portfolio. He purchased 697,851 ETHFI tokens worth $485,000. The protocol has recently pivoted into financial services through its Neobank model.

DefiLlama data shows Ether.fi now processes nearly $50 million in card payments monthly. The project also conducts protocol buybacks of between $500,000 and $1.5 million weekly. These buybacks are aimed at reducing token supply and improving long-term token value.

Ether.fi is also preparing to cut emissions in 2026, which could further manage sell pressure. Its treasury position and market share could play key roles in its performance as demand for on-chain financial services rises.

Lido’s Staking Share Supports Continued Interest

Lido DAO (LDO) remains a smaller portion of Hayes’ DeFi strategy, but the token provides access to Ethereum staking yields. Lido controls nearly 25% of all staked ETH, more than twice the amount of its closest competitor.

The protocol continues to be a leader in liquid staking. As more Ethereum holders seek passive yield, Lido’s dominant position and efficient validator structure could sustain its role in staking markets.

Consistent Accumulation Signals Long-Term Strategy

Ted Pillows, a crypto analyst, reported that Hayes has repeatedly withdrawn the same four DeFi tokens during periods of lower prices. The total withdrawn recently includes the latest $1.97 million in ENA, $735,330 in ETHFI, $515,360 in PENDLE, and $259,960 in LDO.

Hayes’ consistent accumulation pattern appears to reflect a strategy based on project revenue, user growth, and reduced token emissions. His decisions seem to emphasize protocols with measurable activity and real cash flow, rather than speculative hype.

While the broader DeFi sector remains under pressure, Hayes’ recent portfolio reshuffle signals preparation for a longer time horizon. Regulatory developments, such as ETF approvals and changes in emissions schedules, could affect how these tokens perform in 2026 and beyond.

The post Arthur Hayes Deploys $3.4M Into DeFi Tokens in Bet on 2026 Comeback appeared first on CoinCentral.

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Filed under: News - @ January 1, 2026 7:20 pm