Arthur Hayes appears to be rotating out of ETH and into select DeFi altcoins over the past two weeks 👀
On-chain data shows he has sold **1,871** [ETH](https://coinmarketcap.com/currencies/ethereum/) **(\~$5.53M)** and redeployed that capital into:
✔️ 961k [PENDLE](https://coinmarketcap.com/currencies/pendle/) (\~$1.75M)
✔️ 2.3M [LDO](https://coinmarketcap.com/currencies/lido-dao/) (\~$1.29M)
✔️ 6.05M [ENA](https://coinmarketcap.com/currencies/ethena/) (\~$1.24M)
✔️ 491k [ETHFI](https://coinmarketcap.com/currencies/ether-fi-ethfi/) (\~$343k)
This looks like a strategic shift toward yield and protocol-level tokens rather than just holding base layer ETH. Could this signal where sophisticated capital sees value in the next market phase?
