Arthur Hayes, the former BitMEX CEO, recently sold a significant portion of his PENDLE holdings despite previously forecasting the token to reach $10.
According to on-chain data from @lookonchain, Hayes offloaded $4.4 million worth of PENDLE over the past two days, representing roughly 61% of his family office fund, Maelstrom. This sale means Hayes has parted with over half of his position at a price well below his $10 prediction, with the token still trading under $4.
Arthur Hayes forecasted $PENDLE to $10 but dumped millions below $4
According to @lookonchain, the $4.4 million-worth sale in the last two days represents ~61% of Hayes’s family office fund (@MaelstromFund), effectively offloading over half of his position below half his… pic.twitter.com/hxPRCsBhxf
— Vini Barbosa (@vinibarbosabr) September 21, 2024
In a public explanation, Hayes revealed that the sale was to “fund a special situation,” hinting at a reallocation that will soon be visible on-chain. Despite the reduction, PENDLE remains the largest position in his portfolio, as he still views it as a leader in the emerging market of crypto interest rate derivatives.
Hayes had previously made bullish remarks about PENDLE during a period of volatility in early September, posting about the token when its price ranged between $3.09 and $3.23. His recent sales reportedly began when PENDLE crossed the $3.40 mark, peaking at $3.72.
PENDLE Price Action Since Hayes $10 Price Prediction
Interestingly, PENDLE has surged by 20% since Hayes made his $10 price prediction, but his decision to sell well below that target has raised questions among investors.
In a separate move today, on-chain analysis from icrypto revealed that Hayes withdrew 1.66 million PENDLE, valued at $5.77 million, from Pendle Finance. He then deposited 918,600 PENDLE ($3.2 million) to Binance and transferred 283,600 PENDLE ($984,000) to another wallet, 0xab3f. Hayes still retains 453,500 PENDLE, valued at $1.57 million, signaling that he hasn’t completely exited his position.
30 minutes ago, @CryptoHayes withdrew 1.66M $PENDLE ($5.77M) from Pendle Finance and immediately deposited 918.6K $PENDLE ($3.2M) to #Binance.
In addition, he also transferred 283.6K $PENDLE ($984K) to wallet 0xab3f. Currently, he is still holding 453.5K $PENDLE ($1.57M).… pic.twitter.com/XL0vn2QRIY
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) September 21, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
Image Source: peshkov/ 123RF // Image Effects by Colorcinch