Arthur Hayes Unstakes $9.41M Worth of PENDLE Tokens: Is a Sell-Off Imminent?

• Renowned trader and BitMEX co-founder Arthur Hayes makes a strategic move in his altcoin portfolio.
• Hayes divests $9.41 million worth of PENDLE tokens, raising community concerns about a potential price drop.
• This significant transaction has sparked discussions within the crypto community about Hayes’ future intentions with PENDLE.

Arthur Hayes’ $9.41M PENDLE Move Stirs Crypto Community

Arthur Hayes Unstakes $9.41M Worth of PENDLE Tokens

Arthur Hayes, well-known co-founder of BitMEX, has recently unstaked 1.55 million Pendle (PENDLE) tokens valued at approximately $9.41 million. Following this move, Hayes still retains 1.69 million PENDLE tokens in his portfolio. This substantial unstaking event has ignited fears within the crypto community about a potential sell-off that could negatively impact PENDLE’s market value.

Community Speculation on Hayes’ Next Move

The transaction has generated significant debate and concern among crypto enthusiasts. Many in the community have interpreted Hayes’ actions as indicative of a bearish outlook on PENDLE. Notably, Hayes’ average purchase price per token stands at $2.24, suggesting he currently holds an unrealized profit of about $6.46 million.

Arthur Hayes (@CryptoHayes) unstaked 1.55M $PENDLE ($9.41M) 40 minutes ago and currently holds 1.69M $PENDLE ($10.26M), with an average buying price of $2.24. His unrealized profit on $PENDLE is $6.46M. pic.twitter.com/wbON3mzlQC

— Lookonchain (@lookonchain) June 6, 2024

Despite the apprehension, another user on X revealed that Hayes recently acquired more PENDLE tokens at an average price of $6.15 per token, merely five days before the unstaking event. This perspective implies Hayes might not have imminent plans to sell his holdings.

Hayes’ Relationship with Pendle Finance

PENDLE is a decentralized finance (DeFi) token associated with Pendle Finance, a protocol that allows users to tokenize and trade future yields. Hayes has historically shown vocal support for Pendle Finance, endorsing its potential within the DeFi space. Given his past endorsements, Hayes’ recent actions have become a focal point of interest.

Market Sentiment and PENDLE Price Impact

Before Hayes’ unstaking move on June 6, PENDLE traded near $6.30. Post-transaction, the token’s price has experienced a minor drop, standing at $5.96, indicating a 2.7% decrease over the last 24 hours. As of now, the market closely watches Hayes’ next steps and their possible implications on PENDLE’s future performance.

In a broader market context, Hayes previously predicted a local bottom for Bitcoin on May 3, when BTC was priced at $59,804. Since his prediction, Bitcoin has appreciated nearly 20%, currently trading at $71,287. This bullish outcome further casts a spotlight on his trading decisions.

Conclusion

Arthur Hayes’ recent unstaking of $9.41 million worth of PENDLE has undoubtedly stirred the crypto community, leading to a mix of concern and speculation over his next move. While some are worried about a potential sell-off, others believe Hayes’ continued faith in Pendle Finance implies a longer-term strategy. Observers will need to stay tuned to see how this unfolds and its broader impact on the DeFi landscape.