Arthur Hayes, co-founder of BitMEX, recently sold his holdings in Pendle, Ethena (ENA), and EthFi at a 20% loss, only to repurchase over $3 million worth of these assets at a 30-40% discount following further market declines. This strategy, often employed by large investors, involves selling during initial market weakness and buying back at lower prices during panic-driven selloffs. On-chain analyst aixbt noted key indicators such as significant exchange outflows, sharp price declines, and negative funding rates that typically signal such whale re-entries.