Arthur Hayes Wins Nearly $10 Million in Pendle Money: Time to Sell?
Arthur Hayes, BitMEX co-founder and crypto community figure, unclaimed 1.55 million Pendle (PENDLE) tokens worth $9.41 million.
As Hayes currently holds 1.69 million tokens, the release of the PENDLE tokens has raised concerns in the community about costly destruction.
At an average purchase price of $2.24 per token, Hayes' holdings currently have an undisclosed profit of around $6.46 million.
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The community Hayes anticipates a potential sale.
The unscheduled transaction has sparked discussion and concern in the crypto community, with many reacting to the change in the fund's position with skepticism.
However, another X user Hayes expressed a contrary view, explaining that he bought more PENDLE tokens five days ago at an average price of $6.15.
“Chill guys, only 1 month share is unlocked. He just bought 600k more on average 6.15 days ago, why is he dropping now?
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Hayes and Pendle
PENDLE is a decentralized finance (DeFi) token connected to Pendle Finance (Pendle.fi), a protocol that allows users to deposit and trade futures.
Hayes has expressed his support for Pendle.fi on several occasions, with Pendle officially endorsing the DeFi space, particularly highlighting its potential as a key initial exchange.
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Implications of market sentiment
PENDLE price rose to $6.30 on June 6th before Hayes issued the tokens.
After the transaction was completed for cancellation at 10:00 AM UTC, PENDLE price was above the $6 mark. At the time of writing, the price of PENDLE was $5.97, down approximately 2% in the last 24 hours.
Hayes called a local bottom for Bitcoin (BTC) on May 3 and suggested that the market will gradually decline in value over the next few months.
At the domestic low that Hayes offered, the BTC price was $59,804 – a 20% drop from the current BTC price of $71,169.
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