BitMEX co-founder Arthur Hayes has offloaded over $3 million in DeFi tokens, raising eyebrows across the crypto world as markets continue to show weakness.
On February 9, Arthur Hayes reportedly sold large amounts of DeFi tokens: $1.06 million in Ethena (ENA), $954,000 in Ether.fi (ETHFI), and $1.14 million in Pendle (PENDLE). The transaction drew attention as it happened during a period of sharp declines in DeFi assets. These tokens were already severely down, with losses ranging from 81% to more than 94% from their peak values.
Arthur Hayes is known for making bold investment moves, and his recent sell-off has reignited debate in the crypto community. Blockchain analysis platform Lookonchain flagged the high-value token movements, sparking speculation that Hayes might be preparing for another market downturn.
This isn’t the first time Hayes has made such a move:
This cycle of selling and rebuying has made Hayes’ moves closely watched, even if sometimes unpredictable.
All three tokens Hayes dumped are under severe selling pressure:
These tokens are in freefall, and Hayes’ exit may signal little confidence in a near-term rebound.
The timing of Hayes’ sell-off has divided opinion. Some accuse him of “selling the bottom” yet again, repeating the same misstep from 2025. Others believe this could be a calculated shift to stablecoins or a wait-and-watch approach amid broader uncertainty in the DeFi sector.
Despite the criticism, Hayes has a reputation for long-term strategic thinking. While his past miscalculations are well documented, they also highlight his willingness to adjust positions quickly in fast-moving markets.
I’ve followed Arthur Hayes’ moves for years, and if there’s one thing I’ve learned, it’s that you never ignore when a whale makes waves. Selling $3.1 million in battered DeFi tokens isn’t necessarily panic. In my experience, Hayes tends to rotate assets based on macro trends he believes are unfolding. Still, let’s be real. This latest dump follows a pattern of timing misfires that cost him before, and it might just be another case of jumping ship a little too early. Whether this is risk management or a red flag depends on what happens next in the DeFi space. For now, this is a signal for everyone to reassess their exposure to smaller tokens in a volatile market.
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