On the 9th of February 2026, BitMEX co‐founder Arthur Hayes sold $1.06 million worth of ENA, $954,000 worth of ETHFI, and $1.14 million worth of PENDLE. Each of these tokens had already fallen between 85% and 94% in value.
Hayes, known for his Bitcoin [BTC] optimism, made this move amid significant DeFi token losses. This unexpected action raised concerns about further market pain and volatility. Many questioned if it was a tactical retreat or a sign of a weakening market.
These DeFi tokens remain in the red
Looking at the price action of these DeFi tokens, the market was struggling. Ethena [ENA], down 86% from its October peak, had fallen below previous local bottoms.
Despite its RSI showing extreme oversold conditions, ENA showed a potential bullish crossover on the MACD. However, it faced resistance between $1.5146 and $1.3206. At $0.1202, any recovery seemed distant, and market sentiment remained bearish.
Pendle [PENDLE], down 81% from its October high, was stuck below $6, hovering around $1.14. With an RSI of 28.30 at press time, it showed severe oversold conditions, but lacked a strong catalyst for recovery, leaving it in prolonged consolidation.
Ether.fi [ETHFI] had dropped 94.53% from its high, with consistent selling pressure and failed attempts to break higher.
It had erased all gains since March 2024, and although there were signs of a potential bullish crossover on the MACD and an RSI at rock-bottom levels, these weren’t enough to reverse its downtrend.
All three tokens were oversold, but recovery was uncertain. The DeFi sector was fragile, and further downside risk seemed likely, making the path to recovery unclear.
Is Arthur Hayes selling the bottom?
As Hayes sold off his DeFi tokens, many accused him of “selling the bottom,” sparking speculation. However, Hayes is known for strategically rotating investments, often into stablecoins before major market shifts.
While some viewed his move as poorly timed, large players like Hayes typically act with long‐term strategies in mind. This sale could well be part of a broader plan, even if the reasoning isn’t obvious to everyday investors. The question remains: was it a misstep, or the beginning of a new phase?
Final Thoughts
- Hayes’ sell-off raised concerns about DeFi’s future but may have been a strategic move.
- The DeFi sector’s struggles suggest a long recovery, offering a buying opportunity, with fading Arthur Hayes’ buy high, sell low moves would yield gains.
