BitMEX co-founder and famous trader Arthur Hayes made a critical move for the altcoin in his basket. Hayes dumped $9.41 million worth of PENDLE tokens, raising community concerns about a potential price drop. Here’s what you need to know.
Famous trader unstakes PENDLE, is there a sale coming?
Arthur Hayes, co-founder of BitMEX and a crypto community figure, unstakes 1.55 million Pendle (PENDLE) tokens worth $9.41 million. Hayes currently holds 1.69 million tokens. This led to community concerns about a price drop if PENDLE disposed of its tokens.
Hayes’ average purchase price per token is $2.24. This means Hayes now has an unrealized profit of approximately $6.46 million.
Community awaits potential sale of Hayes
The shocking transaction sparked debate and concern within the crypto community. Many people responded to the change in fund position with bearish sentiment.
However, another X user expressed an opposite perspective, explaining that Hayes purchased more PENDLE tokens just five days ago at an average price of $6.15. In this context, the user said, “Calm down, guys! Only unlocked 1 month of staking. Just a few days ago he bought another 600k at an average price of $6.15. Why would you give it up now?” said.
Deep relationship between Hayes and altcoin Pendle
PENDLE is a decentralized finance (DeFi) token associated with Pendle Finance (Pendle.fi), a protocol that allows users to tokenize and trade future returns. Hayes has expressed his support for Pendle.fi on several occasions in the past. Moreover, he publicly endorsed Pendle in the DeFi space. He also highlighted its potential as a particularly important derivatives exchange.
Market sentiment and effects on altcoins
The altcoin price reached around $6.30 on June 6 before Hayes unstaking his tokens. After this transaction, PENDLE price was above the $6 level. At the time of this writing, altocin price is down approximately 2.7% in the last 24 hours to $5.96.
Meanwhile, cryptokoin.comAs you follow from , Hayes said that Bitcoin saw its local bottom on May 3. He also suggested that the market will gradually increase its price over the next few months. At the time of Hayes’ local bottom recommendation, BTC price was $59,804. Currently, BTC is traded at $71,287. This means an increase of almost 20%.
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