BitMEX co-founder Arthur Hayes recently unstaken 1.55 million PENDLE tokens, worth $9.41 million. Hayes' actions often coincide with significant changes in PENDLE price, hinting at the possibility of profit taking.
How did Arthur Hayes' actions affect the price of PENDLE?
Hayes' transaction, discovered by Lookonchain, immediately sparked discussions in the cryptocurrency community. The BitMEX co-founder currently holds 1.69 million PENDLE, worth approximately $10.26 million, with an average purchase price of $2.24 per token. Hayes' unrealized profits stood at $6.46 million.
The accompanying chart in the LookOnChain post shows PENDLE's price history, illustrating key moments in the token's accumulation and market reaction. For example, Hayes' trades matched price spikes, indicating strategic timing.
In the past, the BitMEX co-founder has repeatedly expressed confidence in the token's potential, calling PENDLE “the future of DeFi,” realized by massive buying sprees.
Pendle Finance, an Ethereum-based yield trading protocol, uses a unique approach by dividing assets into main and yield tokens. This method allows users to trade tokens while earning up to 47% profit on the underlying asset. This innovative strategy has attracted significant attention, contributing to a spike in the price of the native token.
However, Hayes' motives for unstaking and potentially selling tokens at this particular time remain unclear. PENDLE price reached a local high of $7.20 on May 25.
PENDLE 1-day price chart. Source: TradingView
Trading at $5.90 at the time of writing, PENDLE is down more than 2% over the past 24 hours with a market capitalization of around $926 million.
https://tapchibitcoin.io/gia-pendle-giam-hon-2-sau-khi-arthur-hayes-unstake-155-trieu-token.html
