LDO and PENDLE Join ETH as Arthur Hayes Builds on His Altcoin Stack for 2025

BitMEX co-founder and major crypto influencer Arthur Hayes is betting big on an imminent altcoin season. On-chain data from Arkham Intelligence shows that wallets associated with Hayes have been significantly increasing their altcoin holdings, with a clear focus on Ethereum (ETH), Lido DAO (LDO), and Pendle (PENDLE).

On-chain data shows Hayes’s wallets now hold a combined 1,980 ETH and 1,160 Wrapped ETH (WETH), valued at about $13.8 million. His Lido DAO (LDO) position stands at 425,000 tokens (worth ~$633k), and he holds 184,600 PENDLE tokens (worth ~$998k).

This brings his total tracked altcoin holdings in this “altseason bag” to over $15.4 million. Crucially, his wallets also hold nearly $10 million in USDC, representing significant dry powder ready to be deployed.

He’s not the only one. Hayes is buying ETH, but so is the rest of the smart money. Here’s our deep dive on the massive Ethereum whale accumulation.

How Are Hayes’s Top Picks Performing?

The altcoin market has seen mild gains recently, with the total crypto market cap climbing 2.3% to $4.12 trillion on Monday. But Hayes’s chosen assets are dramatically outperforming.

Lido DAO (LDO) has surged over 15% in the past 24 hours to trade at $1.48. That caps an impressive 59% rally over the past seven days, pushing the mid-cap altcoin to its six-month high.

Pendle (PENDLE) has also seen a massive run, rallying over 32% in the past week to trade at $5.34. The token is now set to retest its crucial resistance level around $6.90, which has been a major sell zone in the past 12 months.

Is Hayes Signaling 2025 Altseason Start?

Hayes has been very public about his belief in an incoming alt season fueled by Wall Street capital, and his on-chain moves show he is acting on that conviction.

His bet is supported by several macro factors, including a clearer regulatory outlook in the United States and the gradual drop in Bitcoin’s market dominance, which hovered around 60.7% at the time of writing.

Source: CoinGlass

However, while the Altcoin Season Index has rebounded to 41, it’s still far from the 75+ level that signals a true, market-wide altcoin rally.

Source: CryptoQuant

Data from CryptoQuant also shows that mid-cap altcoins have not yet started to outperform large-cap alts in the way they did in late 2024, suggesting the market may still be in the early stages of a broader move.
What are market experts buying? Hayes has his picks, but what about other top analysts? Here’s Michaël van de Poppe’s list of 8 altcoins to watch.

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