Arthur Hayes has reclaimed 1.55 million PENDLE tokens.
The community is worried about the price drop.
Hayes currently holds approximately $6.46 million in assets.
Arthur Hayes, the co-founder of BitMEX and a prominent figure in the crypto community, has reclaimed 1.55 million PENDLE tokens worth $9.41 million. With Hayes currently holding 1.69 million tokens, the reclamation of PENDLE tokens has raised concerns in the community about a potential price drop. With an average purchase price of $2.24 per token, Hayes’ assets now have an unrealized profit of approximately $6.46 million.
Arthur Hayes’ Noteworthy Move
What’s Happening in the Pendle Front?
The reversal of the stake transaction has sparked debate and concern within the crypto community; many have responded to the change in fund position with a downward trend. However, another user, X, presented a contrasting view by revealing that Hayes had purchased more PENDLE tokens just five days ago at an average price of $6.15. They shared the following statement:
PENDLE is a decentralized finance (DeFi) token associated with Pendle Finance (Pendle.fi), a protocol that allows users to tokenize and trade future yields. Hayes has expressed his support for Pendle.fi several times in the past, highlighting its potential as a significant futures trading platform in the DeFi space.
What’s Happening in the Pendle Front?
Before Hayes withdrew his assets, the PENDLE price had risen to around $6.30 on June 6th. Following the transaction at approximately 13:00, the PENDLE price was above $6. After the withdrawal, the PENDLE price has dropped by about 2% in the last 24 hours, currently standing at $5.97.
On May 3rd, Hayes predicted a local bottom for Bitcoin and suggested that prices would gradually rise over the next few months. At the time of his local bottom suggestion, the price of Bitcoin was $59,804, nearly 20% lower than the current price of $71,169.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
