- The crypto market witnessed a surge in buying pressure for Pendle (PENDLE coin) today, May 6th, following a significant purchase by a leading crypto whale and increased activities by institutional investors.
- On-chain analyst Yu Jin revealed that Arthur Hayes, co-founder of BitMEX, surprisingly purchased PENDLE tokens worth 500,000 USDC just five hours ago via leading crypto liquidity provider Wintermute.
- This latest acquisition contributes to Hayes’ existing assets, raising his total PENDLE portfolio to 1.555 million tokens, valued at approximately $8.08 million.
Arthur Hayes, co-founder of BitMEX, makes a significant purchase of PENDLE coins, sparking a surge in buying pressure and speculation of a bullish trend for the crypto asset.
Arthur Hayes Acquires PENDLE Coins
On-chain analyst Yu Jin revealed that Arthur Hayes, co-founder of BitMEX, surprisingly purchased PENDLE tokens worth 500,000 USDC just five hours ago via leading crypto liquidity provider Wintermute. This latest acquisition contributes to Hayes’ existing assets, raising his total PENDLE portfolio to 1.555 million tokens, valued at approximately $8.08 million. The data indicates that Hayes is strategically accumulating PENDLE. The recent purchase was made at a price of $5.07 per token, pointing to a potential buying frenzy at even lower prices in the past. Analysts estimate that Hayes’ average cost per PENDLE is around $2.02, showing a significant variable profit of $4.89 million. This also translates to a staggering investment return of 155%.
Smart Money Also Focuses on PENDLE and 9 Other Cryptos
Hayes’ significant purchase caused ripples in the cryptocurrency community and fueled speculations of a bullish trend for Pendle. This development comes amidst a broader trend of “Smart Money” increasingly allocating funds to the Ethereum (ETH) network. According to leading blockchain analysis platform Nansen, there has been a significant capital inflow into various Ethereum-based tokens in the last 24 hours, with PENDLE ranking among the top ten. The convergence of these developments (a significant whale accumulating PENDLE and increased institutional interest in the Ethereum network) led to a rise in PENDLE’s price. At the time of writing this article, PENDLE is experiencing a significant price increase, highlighting the potential impact of such high-profile investments and broader market trends. However, the specific reasons behind Hayes’ purchase and the increase in Smart Money activities remain unclear. Nevertheless, it’s evident that Pendle is attracting significant interest, and the increased attention could pave the way for further price appreciation in the coming days and weeks. As with any investment, potential investors should conduct comprehensive research and situation analysis before making any decisions.
Conclusion
The recent activities of leading crypto whale Arthur Hayes and the increased interest of institutional investors in the Ethereum network have sparked a surge in buying pressure for Pendle (PENDLE coin). While the specific reasons behind these activities remain unclear, the increased attention towards Pendle could lead to further price appreciation in the future. However, potential investors are advised to conduct thorough research before making any investment decisions.
