Hayes Dumped Pendle and Ethena at a Loss… Then Bought Back Cheaper: Here’s the Crypto Whale Playbook

A sharp move from BitMEX co-founder Arthur Hayes has triggered new debate across the market about how whales trade during fear-driven selloffs. Two weeks ago, Hayes sold Pendle, Ethena (ENA) and EthFi at a 20% loss, only to buy back over $3 million worth of the same assets 30–40% cheaper after the market dipped further.