Clarity Act approval odds hit 31% yearly low as ETH outperforms Bitcoin with DeFi tokens ENA, MORPHO, UNI and AAVE surging ahead of Senate vote.

According to the source, Galaxy said DeFi-related provisions in a US crypto bill resemble Patriot Act-style surveillance; source: Galaxy Digital. This characterization signals regulatory overhang risk for DeFi protocols and tokens from Galaxy’s perspective; source: Galaxy Digital.

According to CoinMarketCap, DeFi tokens fell 67% in 2025 while smart contract platforms declined 66%, citing Real Vision's Jamie Coutts. According to CoinMarketCap citing Jamie Coutts, the declines were driven by institutional capital repricing crypto assets ahead of a multiyear adoption cycle.

According to @ai_9684xtpa, Arthur Hayes purchased $2.009 million of DeFi tokens after five days, including 274,000 PENDLE worth $515,000, 440,000 LDO worth $259,000, 4.82 million ENA worth $984,000, and 358,000 ETHFI worth $250,000. Source: @ai_9684xtpa on X, Dec 31, 2025. Based on these reported values, the latest tranche is weighted about 49% ENA, 26% PENDLE, 13% LDO, and 12% ETHFI. Source: @ai_9684xtpa on X, Dec 31, 2025. According to @ai_9684xtpa, cumulative buys since Dec 20 total $4.529 million, with PENDLE the largest position at $1.747 million. Source: @ai_9684xtpa on X, Dec 31, 2025. According to @ai_9684xtpa, withdrawals from exchanges since Dec 20 amount to $2.52 million with PENDLE accounting for 48.9% by value. Source: @ai_9684xtpa on X, Dec 31, 2025. Wallet attribution and on-chain traceability are provided by the Arkham Intelligence Arthur Hayes entity page. Source: Arkham Intelligence explorer entity for Arthur Hayes.

According to @lookonchain, over the past 2 weeks Arthur Hayes sold 1,871 ETH (about $5.53M) and bought 961,113 PENDLE ($1.75M), 2.3M LDO ($1.29M), 6.05M ENA ($1.24M), and 491,401 ETHFI ($343K), for total reported DeFi purchases of roughly $4.62M (source: Lookonchain post on X, Dec 31, 2025). The wallet attribution to Arthur Hayes is listed on Arkham Intel’s entity page for Arthur Hayes (source: Arkham Intel entity page).

According to @lookonchain, Arthur Hayes bought 1.855 million LDO valued at about 1.03 million dollars, citing Arkham Intelligence entity data. According to @lookonchain, he also deposited another 682 ETH, about 2 million dollars, to Binance to sell and rotate into high-quality DeFi tokens. According to @lookonchain, over the past week he sold a total of 1,871 ETH, about 5.53 million dollars, and purchased 1.22 million ENA, about 257.5 thousand dollars, 137,117 PENDLE, about 259 thousand dollars, and 132,730 ETHFI, about 93 thousand dollars, based on Arkham Intelligence data referenced by @lookonchain.

According to @LexSokolin, DeFi tokens trading at low revenue multiples are not investable unless tokenholders can directly collect protocol revenues and recover capital, emphasizing cash-flow accrual over headline valuation (source: Lex Sokolin on X, Nov 17, 2025). He stresses that when demand is primarily liquidity-driven, valuation multiples provide unreliable signals for trading and capital allocation (source: Lex Sokolin on X, Nov 17, 2025). He cites data shared by @jonbma, reinforcing a trading focus on tokens with explicit revenue capture by holders and cautioning against models reliant solely on liquidity incentives or emissions (source: Lex Sokolin on X referencing @jonbma on X, Nov 17, 2025).