Arthur Hayes Buys ENA, ETHFI, and PENDLE in Latest Accumulation Move: A Deep Dive into the BitMEX Co-Founder's Strategic Purchases
Introduction
Arthur Hayes, the former CEO of BitMEX and a perennial bellwether for crypto market sentiment, has executed a significant accumulation of three prominent altcoins: ENA, ETHFI, and PENDLE. On-chain data, first reported by Onchain Lens, reveals a series of rapid, high-value transfers from institutional trading desks Cumberland and FalconX to a wallet identified as belonging to Hayes. This aggressive buying spree, concentrated within a 24-hour period, signals a strong conviction move from one of the industry's most closely watched figures. The accumulation comes against a backdrop of a recovering crypto market, with Hayes himself publicly stating that he believes Bitcoin has already printed its cycle bottom after a recent flash crash. This article breaks down the specifics of his purchases, the projects involved, and the broader market context informing this strategic move.
Hayes Accelerates His Accumulation: The On-Chain Data
The core of this development is rooted in transparent, on-chain data that provides a detailed ledger of Hayes' activity. According to analytics platforms like Arkham and reports from Onchain Lens, Hayes’ primary accumulation wallet received multiple transfers in quick succession.
The most recent batch, sourced from the institutional trading desk Cumberland, included:
- 2.01 million ENA worth approximately $571,600
- 218,000 PENDLE valued at nearly $589,800
- 330,990 ETHFI worth $257,440
These transactions followed earlier inflows from another major OTC desk, FalconX. When combined, the data shows that over the past day, Hayes has accumulated a portfolio including more than 4.89 million ENA, over 696,000 ETHFI, and his recently acquired 218,000 PENDLE. The wallet's history shows a pattern of continuous inflows, alongside smaller test transactions, confirming a deliberate and sustained accumulation strategy rather than a one-off trade.
Project Spotlight: Understanding Ethena Labs (ENA)
The largest portion of Hayes' recent purchases by dollar value was allocated to ENA, the governance token of Ethena Labs. Ethena Labs is a protocol built on Ethereum that offers a synthetic dollar, USDe, which it describes as the first "Internet Bond." USDe is a crypto-native, scalable form of money that is not reliant on the traditional banking system.
The protocol generates yield through two primary mechanisms: staking Ethereum and funding perpetual futures positions. This creates a derivative-based stablecoin that aims to be delta-neutral against its collateral. ENA is used for governance, allowing holders to vote on key protocol decisions. At the time of Hayes' purchases, ENA had a market capitalization of approximately $2.09 billion and a 24-hour trading volume of $287.50 million. Hayes has expressed bullish views on ENA in the past, making his substantial accumulation a reinforcement of his previously stated position.
Project Spotlight: Exploring Ether.Fi (ETHFI)
The second project in Hayes' shopping cart was ETHFI, the native token of Ether.Fi, a decentralized liquid restaking protocol. As a pioneer in the Liquid Restaking Token (LRT) sector, Ether.Fi allows users to deposit Ethereum and receive eETH, a liquid restaking token. This token can then be deployed across the decentralized finance (DeFi) ecosystem while simultaneously earning restaking rewards from networks like EigenLayer.
This dual-reward mechanism—combining Ethereum staking yields with EigenLayer points and potential airdrops—has made liquid restaking a dominant narrative in the current market cycle. ETHFI serves as the governance token for the Ether.Fi protocol. At the time of acquisition, ETHFI had a market cap of $482.64 million and a 24-hour trading volume of $48.16 million. Hayes' purchase aligns with a strategic bet on the continued growth and integration of restaking within the Ethereum ecosystem.
Project Spotlight: The Role of Pendle Finance (PENDLE)
The third token accumulated by Hayes was PENDLE, the core asset of Pendle Finance. Pendle is a decentralized yield-trading protocol that allows users to tokenize and trade future yield. It enables DeFi participants to speculate on or hedge against future yield fluctuations by separating assets into Principal Tokens (PT) and Yield Tokens (YT).
This functionality has made it an essential infrastructure piece for sophisticated yield strategies, particularly in the burgeoning liquid restaking sector where projects like Ether.Fi are prominent. Users often utilize Pendle to lock in yields on their LRTs or to gain leveraged exposure to EigenLayer points. PENDLE is used for protocol governance and fee capture. With a market cap of $444.46 million and a 24-hour volume of $114.68 million at the time of purchase, PENDLE represents a strategic investment in a core DeFi primitive that facilitates the yield markets for assets like those offered by Ethena Labs and Ether.Fi.
Comparative Analysis: Connecting the Dots in Hayes' Portfolio
While ENA, ETHFI, and PENDLE are distinct projects, they are thematically linked within the current DeFi landscape. Hayes' purchases appear to form a cohesive strategy focused on innovative yield-generating protocols and the infrastructure that supports them.
- Ethena Labs (ENA) is at the application layer, creating a novel synthetic dollar that generates yield.
- Ether.Fi (ETHFI) operates in the restaking layer, capturing value from Ethereum's security and offering liquid exposure to it.
- Pendle Finance (PENDLE) provides the financialization layer, allowing users to actively manage and trade the yields generated by protocols like Ethena and Ether.Fi.
This tripartite accumulation suggests Hayes is not merely betting on individual tokens but is positioning himself within an interconnected thesis centered on real yield generation and advanced financialization in DeFi.
Market Context: Rebounding from the Bitcoin Flash Crash
Hayes' accumulation move did not occur in a vacuum. The broader crypto market recently experienced volatility, with Bitcoin dropping to around $80,500. In his public commentary, Hayes analyzed this drop not as a sign of structural weakness but as a consequence of tightening dollar liquidity.
He has argued that this price level likely marked the cycle's floor. His optimism is partly based on macroeconomic factors, including the U.S. Federal Reserve nearing the end of its quantitative tightening (QT) program and an increase in bank lending. Markets were pricing in a high probability of a December rate cut at the time. Hayes has historically linked crypto market performance to global liquidity conditions, and his recent purchases align with his view that liquidity is poised to become more favorable for risk-on assets like cryptocurrency.
A Look Back: The "Cursed" ETH Timing Narrative
This accumulation phase follows a period where Hayes was net selling. Earlier in November, he sold over $7.4 million worth of various tokens, including 1,480 ETH. This action revived a community-driven narrative regarding his timing with Ethereum.
Critics and observers noted that a previous major ETH sale by Hayes in August 2025 occurred near what turned out to be a local price bottom, forcing him to buy back at higher prices shortly thereafter. This pattern led some in the crypto community to jokingly refer to his ETH trades as "cursed," with prices often rising soon after he exits his positions.
Despite this history and his recent selling spree, his current aggressive accumulation of ENA, ETHFI, and PENDLE indicates a strong conviction that the market is preparing for its next upward leg, potentially marking a shift from his earlier caution.
Strategic Conclusion
Arthur Hayes' latest accumulation move provides a transparent look into the strategy of one of crypto's most influential minds. His simultaneous purchase of ENA, ETHFI, and PENDLE is not a scattered bet on random altcoins but appears to be a calculated position within the high-yield and restaking sectors of DeFi. These projects represent different layers of a cohesive narrative: synthetic dollar creation, liquid restaking, and yield tokenization.
His actions coincide with his public macro view that Bitcoin has found its cycle bottom and that global liquidity conditions are set to improve. While his personal timing with Ethereum has been questioned by the community, his broader macro calls and strategic altcoin accumulations continue to command attention.
For readers and market watchers, the key takeaway is to monitor the performance and adoption trends of the yield-generating protocols Hayes has invested in. The health of the broader restaking ecosystem on Ethereum and developments from Ethena Labs will be critical indicators to watch following this high-profile endorsement. As always in cryptocurrency markets, while influential figures can provide signals due diligence remains paramount