Arthur Hayes Moves Millions in ENA, ETHFI and PENDLE — Likely Sells
Former BitMEX CEO Arthur Hayes executed large on‑chain transfers involving ENA, ETHFI and PENDLE, according to Lookonchain. Initial reporting noted roughly $1.42m moved into those tokens; later on‑chain data for Feb 8, 2026 updated the totals to about 8.57M ENA (~$1.06m), 2.04M ETHFI (~$954k) and 950k PENDLE (~$1.14m), an aggregate near $3.15m. Analysts and trackers flagged the transfers as probable sell-side flows, continuing a pattern: Hayes previously made significant disposals in Aug, Nov and Dec 2025 across ETH and DeFi tokens and has sometimes re-entered positions later. For traders: primary tokens affected are ENA, ETHFI and PENDLE; monitor on‑chain flows, exchange inflows, order books and short interest for signs of increased selling pressure; use measured position sizing and risk management if following the activity. This development may add short‑term downward pressure on the mentioned DeFi tokens but should be treated as an informational data point, not trading advice.
Bearish
Large, concentrated on‑chain transfers from a high‑profile holder—flagged as likely sell orders—increase the probability of selling pressure on ENA, ETHFI and PENDLE in the short term. The later report raises the moved aggregate to roughly $3.15m, reinforcing the scale of the activity compared with the earlier $1.42m figure. Historically, Hayes’ transfers have coincided with market‑moving disposals; repeated sell patterns (Aug, Nov, Dec 2025) suggest these are not isolated reallocations. Short‑term impact: higher exchange inflows and order‑book sell liquidity could push prices down and widen spreads; volatility may spike as arbitrageurs and short sellers react. Medium‑term impact: if balances are fully sold into a market correction, realized losses could materialize and prolong recovery for these tokens; however, if Hayes re‑buys later (as seen previously), price rebounds are possible. Traders should watch exchange inflows, on‑chain transfers, order books and short interest; manage position size and set stop levels. The net directional bias for the mentioned tokens is bearish until clear buyback or absorption evidence appears.