Arthur Hayes Has Been Praising Binance-Backed Coin For Months: Will It Sell Now?

Arthur Hayes, founder of the cryptocurrency exchange BitMEX, may create selling pressure on Binance-backed PENDLE.

Arthur Hayes, who not only invested in Pendle but also consulted on the project, withdrew the tokens he had staked.

Can earn millions of dollars

According to the post of Blockchain analysis platform Lookonchain, Arthur Hayes withdrew the stake of 1.55 million PENDLE tokens at noon today. BitMEX founder has 1.69 million PENDLE in his wallet.

Hayes, who has been investing in Pendle for several months, spent an average of $2.24 per token. PENDLE rose as high as $6.3 this week, according to TradingView data.

The unrealized profit of Hayes, which has not yet made sales, is estimated to be $6.46 million.

Been buying for months

Arthur Hayes mentioned Pendle frequently in his own blog posts. In a post shared at the beginning of May, PENDLE announced that it would increase its investment.

Hayes, who has been receiving PENDLE through Binance and Wintermute since June 2023, withdrew 100 thousand PENDLE from Binance again at the beginning of May.

Binance, the world's largest cryptocurrency exchange, listed PENDLE in the Innovation Zone in July 2023.

Binance's $10 billion investment arm, Binance Labs, invested in the Pendle Finance project, which enables returns to be tokenized and bought and sold, in August 2023.

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