On-chain analyst aixbt reported that Arthur Hayes recently bought back positions in PENDLE, ETHFI, and ENA at prices 30-40% lower than where he had sold them two weeks prior. Hayes had initially sold these tokens at a loss. The analyst cited this activity as a prime example of whales "selling fear to buy panic." By exiting positions during a downturn and re-entering at a significantly discounted valuation, the strategy aims to capitalize on market overreactions. [Update 1] Additional analysis highlights this maneuver as a proactive approach to drawdown management. Rather than holding passively through a potential 50% decline, executing a stop-loss at 20% to re-enter at a lower valuation significantly improves recovery potential. This "strategic stop-loss" methodology underscores active portfolio reallocation during volatile market conditions.