Arthur Hayes is consistently reducing his share in Ethereum and reallocating into other tokens. He is now betting on a basket of lagging DeFi assets. These actions are taking place against the backdrop of increased market selling and weakening investor sentiment.
Fresh data shows that in the last 24 hours, Hayes sent another 682 ETH to Binance, which at current prices amounts to about $2 million. This transaction continues a series of similar transfers over the past week. In total, Hayes has already sold 1,871 ETH for about $5.5 million, and judging by his actions, he intends to continue reducing his position.
Arthur Hayes bets on DeFi tokens down 80% from their highs
Data from Arkham shows that since November, Arthur Hayes has cut his ether holdings by more than half. These sales are part of a portfolio restructuring. At the same time, the share of USDC in his on-chain portfolio now exceeds 60%. This is a sharp increase compared to the beginning of the year.
The funds from recent ETH sales have already been directed by Hayes to purchase selected DeFi tokens. Notably, all these assets experienced a strong sell-off in 2025.
Over the past week, Hayes acquired about 1.22 million ENA tokens. He also opened a long position in Pendle, buying 137,117 tokens. Another asset was ETHFI. Hayes bought 132,730 tokens.
The total value of these purchases was less than $650,000. The timing is notable, as all three tokens are currently 80–90% below their all-time highs.
The price of ENA has dropped by 78% since the start of the year and at the time of publication is around $0.199. Pendle shows a similar trend and has lost about 65% over the same period. ETHFI has also dropped by 69% since the start of the year.
Arthur Hayes forms a $48 million USDC reserve
Arthur Hayes openly explains his logic. In recent posts, he said he is exiting ether and reallocating into what he calls “quality DeFi assets.” In his view, these are the ones most likely to outperform if global liquidity conditions begin to ease.
At the same time, this tactic does not contradict his bullish view on Ethereum. Hayes previously stated that in the long run, ETH could trade as high as $20,000. He also noted that owning 50 ETH could be life-changing by the next US presidential election.
Meanwhile, the price of Ethereum has dropped more than 25% over the past 60 days. At the time of publication, ETH is trading around $2,933.
Arthur Hayes’ assets. Source: Arkham Intelligence
Data from Arkham shows that Hayes’ USDC balance grew from about $1 million in mid-November to nearly $48 million now. Such accumulation of stablecoins is often seen as preparation for buying during deeper pullbacks. At the same time, it can also be a sign of caution amid uncertainty both in macroeconomics and within the crypto market.
The global cryptocurrency market remains under pressure. Total capitalization has slightly decreased over the past 24 hours and is now about $2.95 trillion. BTC is still trying to reclaim the $88,000 level, and the fear and greed index indicates prevailing fear among investors.
See also: ZKsync abandons Etherscan and bets on its own infrastructure in 2026
Overall, the actions of Arthur Hayes do not look like a sharp reversal, but rather preparation for the next market phase. He is reducing risk exposure in ETH, accumulating liquidity in USDC and selectively entering deeply discounted DeFi assets, betting on a sector recovery if liquidity conditions improve.
This approach indicates a wait-and-see position. Hayes is not abandoning his long-term bullish scenario for Ethereum, but prefers to have capital reserves and flexibility. In a weak market and heightened uncertainty, this is more a risk control strategy than an attempt to catch a short-term rebound.
