TL;DR
- BitMEX Co-Founder Arthur Hayes sold 1.55 million PENDLE tokens for $9.41 million, triggering significant market volatility.
- Despite the sale, Hayes still holds 1.69 million PENDLE, with an unrealized profit of $6.46 million, raising uncertainty about the token’s future.
- The sale led to a drop in PENDLE’s price from $7.10 to $5.9 immediately after the transaction.
Arthur Hayes, co-founder of BitMEX, decided to sell a significant amount of PENDLE tokens, sparking strong volatility. He unloaded 1.55 million PENDLE tokens for a total of $9.41 million, causing concern among token holders.
While the token sale generated uncertainty, Hayes still retains a significant amount of 1.69 million PENDLE, with an unrealized profit of $6.46 million. His move has left many wondering about the long-term implications for the token’s price and stability.
Arthur Hayes(@CryptoHayes) unstaked 1.55M $PENDLE($9.41M) 40 minutes ago and currently holds 1.69M $PENDLE($10.26M), with an average buying price of $2.24.
His unrealized profit on $PENDLE is $6.46M.https://t.co/wmOyMVRRlDhttps://t.co/YKyINyarvS pic.twitter.com/wbON3mzlQC
— Lookonchain (@lookonchain) June 6, 2024
Pendle Finance, the algorithmic trading protocol associated with PENDLE tokens, allows users to tokenize and trade future yields, a novel tool that has attracted the attention of various investors. Hayes’s sale of tokens prompted an immediate market reaction, triggering a price drop from its peak in May, falling from $7.10 to $5.9 after the transaction.
Hayes Bought More PENDLE After the Sale
However, despite the sale, Hayes had reportedly acquired more PENDLE tokens at an average price of $6.15, suggesting he still has confidence in the token’s future. This could indicate a long-term strategy on Arthur’s part, although the crypto community remains cautious about any significant market moves.
Hayes’s activity in the DeFi space, including his support for Pendle Finance, could continue to shape market dynamics in the future. His influence and substantial holdings make his movements closely watched. The community hopes to glean insights into the future of the cryptocurrency market based on his actions.
At the time of writing this article, PENDLE is trading at around $5.87. Showing a decrease of 1.47% in the last 24 hours. Over the weekly range, the decline was 7.8%. The market capitalization is $912.6 million, with a trading volume of approximately $63 million in the last day.
