According to on-chain data monitored by Lookonchain, a wallet address suspected to belong to BitMEX founder Arthur Hayes transferred 350,000 PENDLE to the Binance and Bybit exchanges this afternoon.
It is reported that the address purchased 392,000 PENDLE through the market maker Wintermute at an average price of US$5.6 from May 20 to June 21. However, the price of PENDLE tokens has dropped by nearly 40% since then, and today’s sale resulted in a loss of approximately US$790,000 for the address.
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#Wintermutefrom 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
Arthur Hayes has always been a staunch supporter of Pendle and has publicly stated his optimism about Pendle's future development on social platforms and offline events many times before. Therefore, this sudden sell-off resulted in a lot of ridicule and criticism from the community.
$PENDLE + $BTC DeFi = $10Bet https://t.co/QSZZIXkgaG
— Arthur Hayes (@CryptoHayes) September 12, 2024
However, it should be emphasized that Arthur Hayes did not liquidate all PENDLE tokens. According to Etherscan data, a wallet address marked as Arthur Hayes 2 still has more than 1.6 million PENDLEs in pledge, with a total value of nearly 6 million US dollars.
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