According to Lookonchain, veteran crypto investor and CEO of BitMex Arthur Hayes sold 350,000 $PENDLE tokens worth approximately $1.26 million at a loss of over $790K (~ -36%). Hayes bought the 392,911 $PENDLE for about $2.2 million (~$5.6 per token) through Wintermute between May 20 and June 21.
Lookonchain claimed that Hayes had been prompted to sell part of his $PENDLE holding at a 36% loss after $PENDLE dropped by over 48% in the last three months. Hayes moved the first 350K $PENDLE to ByBit and Binance on September 20.
According to crypto analyst Yujin (Ember), Hayes still holds 1.695 million $PENDLE worth over $6.1 million, which was past its locking period and ready for offloading. AI-driven crypto insights provider Spot On Chain confirmed that Hayes has seen an estimated profit of $1.09 million (~+18.2%) from $PENDLE to date.
Hayes rides the $PENDLE rollercoaster
Arthur Hayes(@CryptoHayes) sold 350K $PENDLE($1.26M) at a loss in the past hour.
He bought 392,911 $PENDLE($2.2M) at ~$5.6 through #Wintermute from May 20 to June 21.
3 months later, $PENDLE dropped by over 40%, prompting him to sell at a total loss of $790K (-36%).… pic.twitter.com/muuiX67m9M
— Lookonchain (@lookonchain) September 20, 2024
The BitMEX CEO shared through an X post on June 19 that he was adding $DOGE and $PENDLE to his portfolio. His massive accumulation of the latter ignited discussions about the possibility of a PENDLE price surge despite its inconsistent price movements.
On-chain tracker, The Data Nerd disclosed that Hayes had acquired over 100K coins worth over $615K from Binance on June 1, bringing his total $PENDLE holding to 1.656 million worth nearly $10.2 million. He further solidified his position by purchasing 500K USDC worth $PENDLE.
“I’m upping my allocations in Pendle* and will identify other tokens that are “on sale.”…And then it’s time to set it, forget it, and wait for the market to appreciate”
–Arthur Hayes
Hayes said that the slow addition of liquidity amounting to billions of dollars each month would dampen negative price movement from May 2024 forward. He affirmed that it was important to take advantage of market opportunities during the summer months and capitalize on market corrections. His May article, “Mayday,” reaffirmed his reputation for market insights and bold predictions.
According to Crypto Analyst and DeFi insights provider Atlas, Hayes almost always successfully predicted where the market would go.
Notably, Hayes shilled $PENDLE for a day at the TOKEN2049 only to dump it 48 hours later.
$PENDLE has been on a bearish trend since May
According to DefiLlama, $PENDLE saw significant growth in Q1 of 2024, and that momentum continued in Q2 when $PENDLE achieved its all-time high of $7.52 in April. CoinMarketCap’s $PENDLE chart revealed that the token rested in its support at $3.8 in mid-May but rebounded to over $7 by May 20. The data showed that $PENDLE closed May at $6.8 before starting June in the $4.6 to $6.3 range.
DefiLlama’s data further revealed that $PENDLE continued on a bearish trend since May to the current price of $3.54, a drop of over 48%.
CoinMarketCap data revealed that the crypto community’s sentiment is highly bullish. $PENDLE’s price gained 3.52% in the last 24 hours to $3.56, with a market cap of $566.1 million (+3.94%). The trading volume, on the other hand, dropped 5.35% to $76.76 million in 24 hours.
