Which Ethereum Ecosystem Tokens Is Arthur Hayes Buying?

Co-founder of the BitMEX exchange and CIO of Maelstrom Fund, Arthur Hayes, has gone bullish on the Ethereum (ETH) ecosystem.

Hayes recently purchased Ethereum ecosystem tokens, including Aave (AAVE), Lido DAO (LDO), and Ethena (ENA).

Arthur Hayes believes ETH is set for a bullish breakout, citing the blockchain’s performance in Decentralized Finance (DeFi).

Arthur Hayes Buys LDO, AAVE, and ENA

The BitMEX co-founder acquired vast amounts of LDO and AAVE earlier today from technology firm Flowdesk.

In just an hour, Hayes received $1 Million worth of LDO and AAVE worth the same. A few days earlier, Hayes transferred a significant amount of USDC from his onchain wallet.

He used the proceeds from the sales to purchase $6 Million worth of ETH and $2 Million worth of ENA.

Additionally, he purchased $1 Million worth of LDO and other Ethereum ecosystem tokens. These purchases suggest Hayes is betting big on the future price of ETH and its ecosystem tokens.

ETH, LDO, AAVE, and ENA have all seen significant price surges over the past week. Within this period, Ethereum price has increased by more than 2.5% intraday, with the price standing at $3,428, according to CoinMarketCap.

Likewise, LDO skyrocketed 9.86% to trade at $1.02, AAVE increased by 3.55%, while ENA feill 2.1%. These digital assets recorded rallies in their trading volume, suggesting a renewed investor interest.

Notably, Ethena has garnered increased attention, joining other crypto leaders in driving the space into another pivotal cycle.

The altcoin offers scalability, speed, modern solutions, and brings a clever synthetic model for stability.

Why Hayes is Bullish on Ethereum Price and Adoption

On Wednesday, July 16, 2025, Hayes wrote on X that the Ethereum season is finally upon the crypto market.

During Ethereum price breakout seasons, prices and volumes tend to be high due to increased market attention and activity.

The Maelstrom Fund CIO is optimistic that ETH will see increased adoption from both retail and institutional investors. Hayes based his optimistic sentiments on Ethereum’s critical role in the DeFi ecosystem.

Indeed, Ethereum is the backbone of Defi due to its robust infrastructure. The blockchain is widely used as collateral in DeFi protocols for borrowing and lending.

Its programmable smart contracts also enable the creation of DeFi applications and yield farming protocols.

In addition, Hayes noted that the ETH chart indicates promising growth. Still, he acknowledged that some charts are better than others. To align positively with ETH, Arthur Hayes should continue on its bullish ride.

Why the Change of Heart?

Furthermore, Hayes acknowledged in an X post that he expressed bearish sentiments for the crypto market in his previous essay.

He said his sentiments were due to concerns about the U.S. Treasury General Account (TGA) refill.

The TGA is a cash account held by the US Treasury at the Federal Reserve, used to manage government spending and liquidity.

A TGA refill involves the Treasury drawing down cash reserves, which can reduce liquidity in financial markets.

Hayes likely viewed this as a potential headwind for cryptocurrencies. However, he said his sentiments for the market turned bullish after BTC hit new highs, with strong volume.

The BitMEX co-founder added that Ethereum is also rising, following Bitcoin’s lead. He claims ETH will outperform Bitcoin in the near term. Recent market data supports this, with ETH surpassing BTC by 16% in Q3.

Hayes foresees the altcoins entering a bull season soon. His prediction aligns with that of Analyst Carl Moon, who pointed to historical trends. Moon referenced previous cycles where ETH led the broader altcoin market higher.