Arthur Hayes, founder of the BitMEX exchange, has attracted attention by selling one of his favorite altcoins, Pendle (PENDLE), at a loss. The crypto celebrity sold a total of 350k PENDLE tokens at a huge loss.
Hayes purchased the tokens, which today have a market value of $1.26 million, in May and June at an average cost of $5.60. Hayes lost 36% on the average cost due to the decline in PENDLE's price.
According to blockchain data, Arthur Hayes made his first investment in PENDLE through Wintermute, a major market maker. However, after Hayes purchased, the value of the cryptocurrency dropped significantly.
The BitMEX founder decided to sell some of his holdings rather than wait for a loss. Blockchain trackers confirmed the sale by finding that Hayes had transferred a smaller amount of PENDLE to a Binance address the day before.
Even though Hayes sold his coins at a loss, he still has a large amount of PENDLE. According to data from Spot On Chain, the BitMEX founder now owns 1.66 million PENDLE tokens worth $5.93 million. PENDLE, which has lost 1.49% of its value in the past 24 hours, is currently changing hands at $3.49.
