Arthur Hayes trims ETH holdings, increases stablecoins, and rotates into DeFi tokens, signaling defensive yet opportunistic positioning amid market volatility conditions.
Arthur Hayes, co-founder of BitMEX, has continued moving Ether to exchanges during December, fueling market speculation. There is a repetitive ETH withdrawal from his wallet on-chain data. As a result, investors believe that Hayes is engaged in selling ETH. The activity is part of a strategy of portfolio rebalancing, which he discussed in previous times.
Hayes Rotates ETH Into DeFi Tokens Amid Market Pressure
A significant change in his crypto portfolio in recent wallet activity. Hayes now owns less ether tokens and more stablecoins. This change implies the defense positioning in uncertain market circumstances. However, the moves are also suggestive of selective risk-taking in other areas of crypto.
Arthur Hayes(@CryptoHayes) has just deposited another 682 $ETH($2M) into #Binance to sell and rotate into high-quality DeFi tokens.
In the past week, he has sold a total of 1,871 $ETH($5.53M), and bought 1.22M $ENA($257.5K), 137,117 $PENDLE($259K), and 132,730 $ETHFI($93K).… pic.twitter.com/2mddOY3H1t
— Lookonchain (@lookonchain) December 24, 2025
Blockchain tracking website Lookonchain showed new transactions involving the Hayes wallet. According to the data, Hayes deposited another 682 ETH, which was worth about $2 million, into Binance. This transfer followed the past week’s earlier ETH sales. In total, Hayes sold around 1,871 ETH, which was worth almost $5.53 million.
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The proceeds were rotated into decentralized finance tokens in part. Lookonchain data shows that purchases were made of 1.22 million ENA valued in approximately $257,500. He also obtained some 137,117 PENDLE tokens at a value close to $259,000. Additionally, Hayes bought some 132,730 ETHFI tokens at $93,000.
These DeFi assets have performed under this year. Market data shows ENA, PENDLE and ETHFI are still nowhere near previous levels. Therefore, Hayes’ strategy appears to be what is known as a contrarian. He is setting up for a possible redemption and not chasing momentum.
Despite the lower ETH exposure, Hayes has not gone bearish on Ethereum. He has expressed a long-term bullish view of Ethereum and Bitcoin in the past. The following are the comments from the past; he believes the present condition to be cyclical.
Stablecoin Holdings Signal Caution and Liquidity Readiness
In addition to DeFi hoarding, Hayes has amassed a big stablecoin position. On-chain data reveals that there is nearly $48 million in USDC. This allocation provides liquidity flexibility in volatile phases in the markets. It also allows quick deployment in case of further correction in prices.
The timing of the ETH sales would be interesting. Ethereum has been holding around the $3,000 mark. At the same time, there have been net outflows at Ethereum exchange-traded funds on the spot. These factors indicate general hesitancy of the market around ETH in the short term.
Hayes’ actions can be seen to reflect sensitivity to these pressures. By reducing ETH, he is reducing downside exposure in a consolidation. Both in the meantime, though, stablecoins are a reserve of capital. This is a balance, providing for both caution and opportunity.
Market observers also cite uncertainty about macroeconomics. Interest rate or liquidity in the markets worldwide continues to impact on the prices of cryptocurrency. Therefore, strategic rotations are increasingly occurring among the large holders. Hayes’ moves were in line with this broader pattern.
Overall, the change in the portfolio is indicative of an active management approach. Hayes is taking a risk of concentration and is focused on distressed DeFi assets. His strategy is a combination of defensive position and selective risk appetite. Consequently, traders have an eye on his wallet for more signals.