Arthur Hayes Doubles Down on DeFi: Fresh ENA and ETHFI Buys Signal Strategic Rotation

Arthur Hayes is once again making a clear statement to the market. The BitMEX co-founder has continued his aggressive pivot toward decentralized finance by purchasing 4.86 million ENA worth approximately $986,000 and 697,851 ETHFI valued at around $485,000. This is not Hayes’ first entry into these assets. Instead, it represents repeat accumulation, a key signal that his conviction in DeFi is strengthening rather than fading. On-chain data shared by Lookonchain shows that these purchases were executed via Galaxy Digital, reinforcing their institutional-grade nature. Hayes is not chasing hype-driven pumps. He is positioning himself early for what he believes will be the next dominant phase of the crypto market cycle.

From Ethereum to DeFi Infrastructure

Hayes has been transparent about his evolving strategy. In December 2025, he publicly stated that he was rotating out of Ethereum into high-quality DeFi assets. Since then, on-chain data has confirmed consistent execution of this thesis. Over the past two weeks alone, Hayes sold 1,871 ETH worth approximately $5.53 million. Instead of holding stablecoins or moving to Bitcoin, Hayes reallocated this capital across PENDLE, LDO, ENA, and ETHFI. This shift highlights a critical insight: Hayes views DeFi protocols as the primary beneficiaries of improving liquidity conditions, not Layer 1 assets that already command massive valuations.

Why ENA and ETHFI Stand Out

ENA and ETHFI are not random selections. Both tokens sit at the intersection of yield, infrastructure, and protocol-level utility. ENA focuses on scalable, composable financial primitives, while ETHFI provides exposure to Ethereum-native financial mechanisms without direct ETH price dependence. By repeatedly buying these tokens, Hayes signals that he expects protocol revenue, staking mechanics, and real yield to drive the next wave of market outperformance. This contrasts sharply with prior cycles where speculative narratives dominated price action.

Repeated Buys Signal Long-Term Conviction

One-off purchases often reflect short-term tactical trades. Hayes’ behavior tells a different story. He continues to rebuy the same DeFi assets, even after recent market volatility. This pattern suggests that he is building a core position rather than trading momentum. Historically, Hayes has been early to macro shifts in crypto. His willingness to endure short-term drawdowns in favor of structural positioning has defined much of his success. The current accumulation phase reflects that same philosophy applied to DeFi.

DeFi as the Next Liquidity Trade

Hayes’ rotation aligns with a broader macro narrative. As global liquidity conditions improve and risk appetite returns, yield-generating crypto assets stand to benefit disproportionately. DeFi protocols monetize activity directly, unlike many base-layer tokens that rely primarily on speculative demand. This environment favors assets that convert capital inflows into protocol revenue, governance power, and sustainable incentives. Hayes appears to be positioning ahead of this transition, betting that capital will chase productivity rather than passive exposure. While no single trader dictates market direction, Arthur Hayes’ actions carry weight. His repeated DeFi buys influence sentiment, attract attention to underappreciated protocols, and reinforce the idea that the next crypto rally may be DeFi-led rather than L1-led.