Billionaire crypto entrepreneur Arthur Hayes just initiated a new crypto purchase.

Analysts at Lookonchain say Hayes moved $3.53 million worth of Ethereum (ETH) in just over 24 hours.

Approximately $1.5 million of the ETH was sent to the institutional crypto asset firm Galaxy, suggesting Hayes may be looking to sell.

Meanwhile, Hayes used a portion of the $2.03 million in ETH that was not sent to Galaxy to purchase 1.22 million Ethena (ENA) tokens worth about $257,000 at time of publishing.

Amid the shuffle, Hayes noted he’s executing a rotation out of ETH on X.

“We are rotating out of ETH and into high-quality DeFi names, which we believe can outperform as fiat liquidity improves.”

Ethena’s ENA is the governance token for the Ethena protocol, a decentralized finance (DeFi) platform built on Ethereum that provides a crypto-native synthetic dollar called USDe.

Hayes has since been an investor in and promoter of the protocol since 2023, when he became a founding advisor through his family office Maelstrom and received ENA tokens in exchange.