BitMEX co‑founder Arthur Hayes quietly sold roughly $3.16 million of DeFi tokens on Feb. 9, 2026, stirring fresh debate about the sector’s health and the timing of whale exits. Onchain sleuthing by Lookonchain shows Hayes moved $1.06 million of Ethena (ENA), $954,000 of Ether.fi (ETHFI) and $1.14 million of Pendle (PENDLE) — each token already down dramatically, in the 85%–94% range from prior highs. The sales came as DeFi tokens continue to struggle, and Hayes’ reputation as a bitcoin optimist amplified the reaction. Some observers accused him of “selling the bottom,” while others pointed to his history of strategic rotations — often into stablecoins — ahead of broader market shifts. Whether this was a tactical retreat or an ominous signal for DeFi isn’t clear, but the move highlights how fragile the sector remains. Price snapshots underline the pain: - Ethena (ENA): ENA is about 86% below its October peak and has slipped beneath previous local support levels. Technicals show extreme oversold readings on the RSI, and TradingView charts flagged a potential bullish MACD crossover — but the token faces a substantial resistance band between $1.5146 and $1.3206. With ENA trading near $0.1202, any meaningful recovery would have to overcome a very large gap. - Pendle (PENDLE): Pendle has shed roughly 81% from its October high and has been mired below the $6 mark, trading around $1.14 at the time of reporting. Its RSI sits around 28.3, signaling severe oversold conditions; however, there’s no obvious catalyst on the horizon to lift PENDLE out of prolonged consolidation. - Ether.fi (ETHFI): ETHFI’s decline is the steepest of the three — down about 94.5% from its peak — with persistent selling pressure erasing gains made since March 2024. Like the others, ETHFI shows a rock‑bottom RSI and a tentative MACD crossover, but the momentum so far hasn’t been enough to arrest its downtrend. Across the board the picture is the same: tokens are deeply oversold, but technical oversold readings alone don’t guarantee a rebound. With liquidity thin and bearish sentiment entrenched in parts of DeFi, downside risk appears real and a path to sustained recovery is uncertain. Hayes’ sale has therefore become a Rorschach test for the market. Retail traders saw a veteran investor bailing at a bad time; others argued that large holders routinely reshuffle positions and that a shift into stablecoins or sidelined capital can be part of longer-term playbooks. In short: the trade makes sense from multiple strategic angles, even if the optics are poor. What remains unanswered is whether this trade was a misstep — or the opening of a fresh phase in DeFi price discovery. Either way, it underscores how sensitive the sector is to large moves by prominent players. Note: This article is informational and not investment advice. Cryptocurrency trading carries high risk; always do your own research. Sources: Lookonchain, TradingView, AMBCrypto. © 2026 AMBCrypto. Read more AI-generated news on: undefined/news

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