Arthur Hayes, Co-Founder of BitMEX, recently bought more Ethereum (ETH) and other DeFi tokens. This purchase comes about a week after he sold a large tranche of his crypto holdings as a profit-taking move.
According to data from Arkham Intelligence, he added about 1,750 ETH, worth around $7.45 million, to his crypto wallet in the last two days as ETH currently trades near $4,300 while eying for a new all-time high (ATH).
He also bought 425,000 Lido DAO (LDO) tokens, about $557,000 worth, 420,000 ETHFi tokens worth $517,000, and 185,000 Pendle (PENDLE) tokens valued at about $1.01 million. These purchases show he is putting money into DeFi coins.
This move comes after Hayes sold more than 2,300 ETH, worth around $8.3 million, and large amounts of other tokens like ENA and PEPE just about nine days ago. He gave the reason for the profit-taking in a X post he made, saying, “Y? US Tariff bill coming due in 3q … at least the mrkt believes that after NFP print. No major econ is creating enough credit fast enough to boost nominal gdp. So $BTC tests $100k, $ETH tests $3k.”
Renewed Sentiment for ETH and DeFI Tokens
After the buy back, Arthur Hayes said in another post on X that, “Had to buy it all back, do you forgive me @fundstrat ?”. He added that, “I pinky swear, I’ll never take profit again,” acknowledging his wrong analysis of the market and wrong time to get out of the market as Ethereum created a new ATH above $4,300.
Hayes buying more DeFi tokens may mean altcoins will start to do better soon. Altseason is when many smaller coins rise in value compared to Bitcoin. Tokens like LDO, ETHFi, and Pendle are popular in DeFi because they offer services like staking and yield farming.
Some people think Hayes’s move shows he trusts these coins will grow. Others say he might just be changing his portfolio. Either way, investors are watching closely.
The market also shows signs that altcoins are gaining interest again. If this continues, altseason might be near. But there are still risks from economic problems and rules that could affect prices.