On February 9, 2026, BitMEX co-founder Arthur Hayes sold over $3 million in three major DeFi tokens—$1.06 million in ENA, $954,000 in ETHFI, and $1.14 million in PENDLE. Each token had already plummeted between 85% and 94% from their previous highs. The move raised questions about whether it was a tactical retreat or a signal of deeper market distress.
Arthur Hayes, known for his Bitcoin optimism, made significant sales of three DeFi tokens amid heavy losses across the sector. The unexpected action sparked concerns about further market pain and volatility. Many questioned if it was a tactical retreat or a sign of a weakening market.
The price action showed these DeFi tokens were struggling significantly. Ethena [ENA] was down 86% from its October peak and had fallen below previous local bottoms. At $0.1202, a recovery seemed distant, and market sentiment remained bearish despite some technical indicators hinting at a potential bullish crossover.
Pendle [PENDLE] was down 81% from its high and stuck trading around $1.14. With an RSI indicating severe oversold conditions, the token lacked a strong catalyst for recovery, leaving it in prolonged consolidation. Ether.fi [ETHFI] had dropped 94.53% from its high, erasing all gains since March 2024.
Despite signs of a potential bullish crossover on its MACD and rock-bottom RSI levels, ETHFI’s downtrend appeared intact. All three tokens were oversold, but recovery was uncertain, suggesting a fragile DeFi sector with further downside risk.
Many accused Hayes of “selling the bottom,” sparking widespread speculation. However, Arthur Hayes is known for strategically rotating investments, often into stablecoins before major market shifts. Large players like Hayes typically act with long‑term strategies in mind, and this sale could be part of a broader plan.
