BitMEX co-founder Arthur Hayes has sold 1.83 million PENDLE tokens worth $658 million in the past four days. The average sale price was $3.58, and he recently sold 240,000 PENDLE for $957,600, leaving him with 253,462 PENDLE for $988,500.
This recent sell-off follows a series of other sales he has been making on the asset despite previous bullish predictions for PENDLE. Hayes had mentioned earlier on that PENDLE could rally to $10.
However, his current activity of downsizing his holdings has raised questions about his outlook toward the token. Hayes said that the cut in the holdings was for a “special situation,” which gave the impression that there was something more to the move.
PENDLE Price Surges Despite Hayes’s Sales
Despite Hayes’s major sell-offs, PENDLE saw a 24% surge in price after he sold 1.59 million tokens worth $5.62 million. This price rise turned the sold token into a $6.91 million valuation, thus resulting in a $1.29 million price loss.
Haye’s action has raised eyebrows within the crypto community, forcing him to come and address it. He confirmed that his family fund is still a major investor in PENDLE. In addition to that, he stated again that it has the potential to be a leading platform in crypto interest rate derivatives.
Diversification Toward Aethir (ATH)
Apart from cutting down his PENDLE holdings, Hayes has begun buying Aethir (ATH) tokens, a DePIN project. Hayes has bought 16.47 million ATH tokens worth around $1.02 million from the top exchanges such as OKX, Bybit, and KuCoin in the last three days.
Hayes’s concentration on Aethir is in line with his plan of diversifying his assets into DePIN projects as the overall crypto market revives. He started to collect ATH in August 2024.
However, this didn’t last long, today Lookonchain has reported a significant withdrawal made by Hate As from August 15. Lookonchain detected a 93.15M $ATH withdraw from OKX, Bybit, Kucoin, and HTX, with an average buying price of $0.0644. Totaling to a $168K loss on $ATH as of now.
PENDLE Price Performance and Community Sentiment
At the moment, PENDLE has a price of $4.04, along with a 0.84% growth rate within the last 24 hours. In this period, the token touched its lowest at $3.86 and its highest at $4.05 which shows only a little volatility.
The current market capitalization is $650.46 million making it rank #97 in terms of market capitalization. Volume traded in the last 24 hours has reduced by 57.41%, and the total volume on the platform is $103.03 million.
Currently, PENDLE has a circulating supply of 16083 million tokens from the total supply of 258.44 million tokens. The community remains quite optimistic with 86% of 1,155 voters voting in favor of PENDLE, which shows that the investors still keep faith in the future of the token.
Even with volatility in trading volume and prices, the token has proven to be stable and reliable. As Arthur Hayes’s movements and focus on Aethir continue to change, investors will be keen to see how these changes affect both PENDLE and the general crypto market.
