Hayes Continues to Increase Investment: The 2026 Liquidity Bet Behind 130,000 ETHFI

BitMEX former CEO Arthur Hayes makes another move in crypto assets. According to the latest news, he received 132,730 ETHFI from Anchorage Digital, valued at $97,500. This transaction seems ordinary, but combined with Hayes’s recent investment trends and market outlooks, it conceals a systemic bet on global liquidity in 2026.

Hayes’s Investment Layout Accelerates

Overall strategy from a single transaction perspective

The acquisition of ETHFI is not an isolated event. According to recent information, Hayes’s Maelstrom Fund has been active since the beginning of 2026. In just the first two weeks of January, crypto startups raised $588 million, with Hayes’s fund being one of the active investors. Meanwhile, he continues to increase holdings in assets like MSTR (MicroStrategy) and Metaplanet.

Behind this series of actions is Hayes’s clear expectation of a rebound in US dollar liquidity in 2026. In his recent analysis, he pointed out that the decline in US credit pulse in 2025 led to weakening dollar liquidity, putting pressure on Bitcoin. However, he believes this situation will change in 2026—liquidity expansion will become the main theme.

ETHFI’s Position in Hayes’s Investment Map

ETHFI is the governance token of ether.fi, which launched in March 2024. According to data, ETHFI currently ranks 90th by market cap, with a total supply of 1 billion tokens and approximately 699 million in circulation (circulating rate 69.95%). The current price is $0.732139, down 4.10% in 24 hours.

Hayes acquiring 132,730 ETHFI at this time aligns with his optimistic outlook on DeFi liquidity opportunities. Reports indicate he has invested nearly half of his DeFi positions in Pendle, betting on high-yield models under loose liquidity conditions. As an important participant in the Ethereum ecosystem, ETHFI may benefit from increased activity in the DeFi ecosystem amid liquidity expansion.

Why Now?

Turning Point in Liquidity Cycle

Hayes’s investment logic is not based on short-term fluctuations but on the cyclical changes in macro liquidity. He emphasizes in his analysis that big players never guess interest rate movements but focus on underlying signals like balance sheets and bank credit to anticipate trends six months ahead.

The market divergence in 2025 (Bitcoin underperforming, gold and Nasdaq rising against the trend) is a sign of tightening liquidity. But Hayes believes this situation is changing. The expectation of dollar liquidity expansion will reignite demand for risk assets.

Easing Token Release Pressure

From ETHFI’s tokenomics perspective, the project adopts the Conversion 2.0 model, smoothing token release and reducing sell pressure. This means Hayes’s entry at this point is not only optimistic about liquidity prospects but also taking advantage of a relatively favorable token supply rhythm to build positions.

Market Insights

Reference value of influential figures’ movements

Hayes holds a special position in the crypto space—he is both the inventor of perpetual contracts and a continuous market observer and participant. His investment moves often reflect his judgment of medium-term trends. From RIVER to ETHFI, from BTC to Pendle, these seemingly scattered investments revolve around a core theme: seeking opportunities across various assets during liquidity expansion cycles.

Risks to Watch

It is worth noting that ETHFI is currently in a short-term correction phase (down 4.10% in 24 hours, down 2.69% over 7 days). This could be a normal fluctuation during Hayes’s position-building process or a warning for investors not to blindly follow. The market always swings between liquidity expectations and reality. Hayes’s judgment may be correct, but the timing and specific performance still need market validation.

Summary

Hayes acquiring 132,730 ETHFI from Anchorage Digital is essentially a concrete implementation of his bet on the global liquidity rebound in 2026. This transaction reflects that, amid the shift in US dollar liquidity expectations, seasoned investors are systematically adjusting their asset allocations. ETHFI, as a participant in the DeFi ecosystem, may see a revaluation opportunity during the liquidity expansion cycle.

For investors, the key is not blindly copying Hayes’s every trade but understanding the logical framework behind his investment decisions—focusing on macro liquidity cycles and positioning ahead of cycle turning points. The market story of 2026 may just be beginning.