The recent unexpected interest rate decision by the Federal Reserve has sparked demand for riskier assets, with both Bitcoin and altcoins benefiting from this shift. However, not everyone is holding onto their positions in this recovering market. One such investor is Arthur Hayes, the founder and former CEO of BitMEX, who decided to offload his long-held Pendle tokens at a loss.
Arthur Hayes Sells PENDLE: Takes a Significant Loss on Trade
As reported by The Bit Journal, while the market recovery continues, some investors are seizing this moment as a selling opportunity. Among them is Arthur Hayes, who opted to sell his accumulated PENDLE tokens today. Hayes sold 350,000 PENDLE tokens, worth $1.26 million, at a loss of 36%. This trade resulted in a staggering $790,000 loss for the renowned investor. The on-chain analytics platform Lookonchain provided detailed insights into this trade, revealing that Hayes purchased these tokens between May and June at an average price of $5.60. However, a more than 40% drop in PENDLE’s price led to his decision to exit the position.
Arthur Hayes(@CryptoHayes) sold 350K $PENDLE($1.26M) at a loss in the past hour.
He bought 392,911 $PENDLE($2.2M) at ~$5.6 through #Wintermute from May 20 to June 21.
3 months later, $PENDLE dropped by over 40%, prompting him to sell at a total loss of $790K (-36%).… pic.twitter.com/muuiX67m9M
— Lookonchain (@lookonchain) September 20, 2024
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- Arthur Hayes sold 350,000 PENDLE tokens for $1.26 million at a 36% loss.
- He purchased the tokens between May 20 and June 21 for a total of $2.2 million.
- PENDLE is currently trading at $3.65, up 5% in the last 24 hours, with a market cap of over $580 million.
Pendle’s Future Partnerships and Collaborations
In contrast to Hayes’ exit, Pendle continues to build its ecosystem. On September 19, the team behind Pendle announced a collaboration with SolvProtocol and Corn to introduce SolvBTC.BBN on December 26. SolvProtocol is working on a decentralized Bitcoin reserve project, while Corn is an Ethereum Layer 2 solution. The goal is to make SolvBTC.BBN a liquid staking token that integrates with various DeFi protocols, providing flexibility and accessibility in the growing BTCFi ecosystem.
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