BitMEX co‑founder Arthur Hayes quietly disposed of roughly $3.15 million worth of DeFi tokens on Feb. 9, 2026 — a move that has renewed concerns about strain in the DeFi sector and sparked debate over market timing.
What happened
According to on‑chain tracker Lookonchain, Hayes sold about $1.06 million of Ethena (ENA), $954,000 of Ether.fi (ETHFI) and $1.14 million of Pendle (PENDLE). Each token was already deeply underwater: losses ranged from roughly 81% to more than 94% from prior highs.
Technical snapshot and token health
- Ethena (ENA): Down ~86% from its October peak, ENA had slipped below previous local support. TradingView data showed the token in extreme oversold territory by RSI, with an emerging bullish signal on the MACD — but it still faced clear resistance in the $1.52–$1.32 band. With reference levels as low as $0.1202 noted, any meaningful recovery looked distant and sentiment remained bearish.
- Pendle (PENDLE): About 81% off its October high and trading around $1.14, PENDLE was stuck well below the $6 zone. An RSI near 28 signaled severe oversold conditions, but analysts saw no obvious catalyst to snap the token out of prolonged consolidation.
- Ether.fi (ETHFI): The worst performer of the three, ETHFI had tumbled roughly 94.5% from its peak and wiped out gains since March 2024. Persistent selling pressure kept attempts to break higher from sticking; chart indicators showed extreme oversold readings and hints of a possible MACD crossover, but not yet the conviction to reverse the downtrend.
What it means for the market
Hayes’ sales landed as the DeFi patch was already under heavy pressure, and the fact that a high‑profile industry figure reduced exposure to deeply discounted tokens amplified concerns around further downside and volatility. Traders on social media accused him of “selling the bottom,” while others pointed to a more tactical explanation.
Hayes’ playbook and the broader context
Hayes is widely known for his pro‑Bitcoin stance and for rotating capital between risk assets and stablecoins when he anticipates market shifts. Market observers note that large players often rebalance for strategic reasons that may not be obvious to retail participants. Whether this tranche of sales was a defensive move, a liquidity play, or a prescient exit is open to interpretation.
Bottom line
All three tokens were technically oversold, but that does not guarantee an imminent rebound — particularly given the fragile state of the DeFi sector and the absence of clear recovery catalysts. Hayes’ actions have intensified the debate: was this a mistimed sale during a capitulation, or an early signal of a broader sector re‑pricing?
Disclaimer
This article is informational and not investment advice. Cryptocurrency trading involves high risk; readers should perform their own research before making decisions. Sources: Lookonchain, TradingView. © 2026 AMBCrypto
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