Arthur Hayes Pendle Dump

Arthur Hayes, co-founder of BitMEX, has massively reduced his stake in Pendle crypto over the past week. On-chain data shows Hayes offloaded 1.835 million PENDLE coins, valued at $6.57 million, to exchanges like Binance and Bybit. His remaining balance now stands at 253,463 PENDLE coins, worth just under $1 million.

Arthur Hayes sells 87% of Pendle Crypto tokens. Source: X Arthur Hayes Dumps Pendle Crypto, Eyes New Opportunity

In a post on X,  the BitMEX founder explained the sale was part of a strategy to fund a “special situation.” He emphasized that despite the reduction, Pendle remains one of the largest positions held by his family office, Maelstrom Fund.

Maelstrom Fund Adjusts PENDLE Stake for New Strategy. Source: Hayes/X

Arthur Hayes had previously been a vocal supporter of Pendle, particularly during the Token 2049 event in Dubai, where he praised its potential to reshape the decentralized derivatives market. His endorsement led to a 10% increase in Pendle price, and the protocol’s total value locked (TVL) soared by 42,746%, reaching $6.71 billion in June 2024, according to DefiLlama.

Lookonchain revealed that Hayes sold off 61% of his holdings between Sept. 19 and Sept. 21, citing a “special situation” as the reason behind the move. This triggered rumors about his possible interest in Aethir (ATH), a DePIN token, as his next major investment. According to on-chain insights provider Spotonchain, Hayes now holds more ATH than PENDLE.

Pendle Declines as Hayes Shifts Focus to Aethir (ATH), but Retains Interest

Pendle’s price reacted negatively to the selloff, dropping by 6% as Hayes moved millions of PENDLE to exchanges. However, the coin has since rebounded, with PENDLE price currently trading at $4.14, up 4.12% in the last 24 hours.

Pendle price recovers the sell-off. Source: CoinMarkertCap

On-chain insights provider Spotonchain revealed that Hayes withdrew 16.478 million ATH coins valued at $1.02 million from exchanges like OKX and Bybit over the last three days. Aethir ATH has since seen a 5% increase in price, trading at $0.066. Hayes now holds 62.257 million Aethir ATH coins worth $4.1 million, making it his second-largest holding.

Arthur Hayes Holdings. Source: Spotonchain

Despite the large reduction in his holdings, Hayes remains invested in Pendle, with 493,463 PENDLE tokens left. His total estimated profit from PENDLE stands at $1.15 million, or 19%, signaling that he continues to see value in the asset.

Hayes’s strategy appears to pivot toward both decentralized physical infrastructure networks through ATH and real-world asset narratives via PENDLE.

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