Arthur Hayes Re-enters Market, Accumulates ENA, ETHFI and PENDLE

Published: 2025-11-27 22:16:44 |

Former BitMEX CEO Arthur Hayes has resumed active on-chain accumulation, receiving large inbound transfers of ENA, ETHFI and PENDLE into his primary wallet over a 24-hour period. Onchain Lens and Arkham-traced flows indicate multiple broker-originated deposits (including FalconX and Cumberland), with a notable Cumberland batch containing millions of ENA, hundreds of thousands of ETHFI and PENDLE tokens. Across the day Hayes’ wallet exceeded roughly 4.89M ENA, 696K ETHFI and 218K+ PENDLE. The activity coincided with a broader market rebound after a BTC dip; Hayes has publicly said he believes Bitcoin hit a cycle bottom and expects liquidity to push BTC toward $200K–$250K if the Fed eases. For traders, the accumulation signals renewed institutional-level interest in niche DeFi and Ethereum-focused products and may bring short-term attention, higher on-chain activity and heightened volatility for ENA, ETHFI and PENDLE. Key trading actions: monitor on-chain flows, order-book depth, derivatives open interest and social sentiment before entering positions. This is reporting, not investment advice.

Bullish

Hayes’ large, broker-sourced inflows into ENA, ETHFI and PENDLE constitute a clear accumulation signal from a high-profile market participant. Such concentrated buys typically increase on-chain activity, pull liquidity toward those tokens and can compress available sell-side depth—conditions that often produce short-term upward price pressure for the specific tokens mentioned. The alignment with a broader market rebound and Hayes’ bullish macro commentary on BTC further supports risk-on sentiment that can spill into niche DeFi and ETH-focused products. However, the impact is token-specific: these are niche, lower-liquidity assets where a single whale or coordinated broker transfers can drive outsized volatility. Traders should expect short-term bullish momentum and higher volatility for ENA, ETHFI and PENDLE, while longer-term direction depends on follow-through flows, order-book replenishment, derivatives positioning and whether other institutional players confirm accumulation.