Arthur Hayes, the former BitMEX co-founder, made headlines recently as his family office fund, Maelstrom, decided to unload a significant portion of its holdings in the decentralized finance (DeFi) altcoin Pendle (PENDLE). Over a two-day period, Hayes sold 1.59 million PENDLE tokens for $5.62 million at an average price of $3.52, resulting in a loss of $1.29 million, according to data from Lookonchain.
Interestingly, despite Hayes’ sell-off, the price of PENDLE surged by 24%, showcasing the volatility and unpredictability of the cryptocurrency market. Less than two weeks ago, Hayes had predicted on social media platform X that the value of PENDLE would reach $10, demonstrating his confidence in the asset.
In a recent tweet, Hayes acknowledged the reduction in his family office fund’s PENDLE position, hinting at a new investment opportunity on the horizon. He mentioned, "Even after the reduction, it is still one of our largest positions. We still fully believe that PENDLE will be the leader in crypto interest rate derivatives. And we plan to profit off of their success. We have reduced our position to fund a special situation. Those who monitor our wallets will get a glimpse as to what that is in the very near future."
Currently, PENDLE is trading at $3.89, with the 119th-ranked crypto asset experiencing a 4% decline in the past day but still maintaining a 25% increase for the month. The market dynamics surrounding PENDLE continue to be intriguing, with investors closely monitoring its performance.
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