Arthur Hayes, co-founder of BitMEX, has made a notable shift in his crypto portfolio, reducing his exposure to Ethereum while increasing allocations to DeFi tokens.
Blockchain analytics firm Lookonchain reports that Hayes sold 1,871 ETH, worth approximately $5.53 million, over the past two weeks. The sales significantly trimmed his Ethereum position amid continued price weakness in the asset.
Capital Redirected Into DeFi Projects
Following the Ethereum sale, Hayes quickly reallocated funds into several projects within the DeFi space.
On-chain data shows that he acquired 961,113 PENDLE tokens valued at approximately $1.75 million. Additionally, he purchased 2.3 million LDO tokens for $1.29 million and added 6.05 million ENA tokens for nearly $1.24 million. He also accumulated 491,401 ETHFI tokens, worth an estimated $343,000.
Moreover, Hayes withdrew $2.52 million from centralized exchanges and redirected the funds into DeFi-related assets. As a result, DeFi tokens and stablecoins now make up more than 60% of his total crypto portfolio.
Meanwhile, his Ethereum allocation has declined considerably. At the time of publication, Hayes holds 3,160 ETH, valued at approximately $9.4 million.
PENDLE Emerges as a Core Holding
Among his DeFi positions, PENDLE has become the dominant holding, accounting for 48.9% of his DeFi exposure. This, in turn, suggests a notably strong conviction relative to his other investments in the sector.
The portfolio reshuffle aligns with Hayes’ broader strategy of accumulating assets he believes are undervalued. Many of the DeFi tokens he has acquired have recently undergone prolonged price declines.
Despite this, Hayes remains optimistic, citing expectations that improving fiat liquidity conditions could provide a tailwind for DeFi markets.
We are rotating out of $ETH and into high-quality DeFi names, which we believe can outperform as fiat liquidity improves.
— Arthur Hayes (@CryptoHayes) December 20, 2025
Ethereum Sales Stir Market Discussion
At the same time, Hayes’ Ethereum sales have fueled debate around broader market sentiment. ETH has struggled to reclaim the $3,000 level, and large-scale sell-offs have added to investor caution.
However, this shift is not unprecedented. For instance, a week earlier, Hayes transferred 682 ETH ($2 million) to Binance, a move that also preceded further DeFi investments.
Taken together, these actions point to a clear strategic preference for DeFi tokens over large-cap layer-one assets.