Arthur Hayes, who is a highly influential crypto personality and also BitMEX co-founder, has joined the decentralized finance (DeFi) space again making headlines. Lookonchain revealed that Hayes withdrew 1.65 million $PENDLE tokens after staking on September 21 this year. The withdrawn tokens were valued at approximately $5.76 million.
Then, Hayes deposited 918,556 $PENDLE worth $3.2 million to Binance shortly after that. This series of trades has raised many questions throughout the cryptocurrency world, particularly because $PENDLE just witnessed some massive price swings.
The moves echo a pattern of trading behavior. Market participants began speculating about Hayes’ remaining holdings, thought to be more than 450,000 tokens, as speculation mounted about what would happen next given the market condition.
Accumulation, Losses, and Strategic Shifts: Hayes History with PENDLE
It is not the first time Hayes has hit the news as a $PENDLE trader. The latest trades recorded by Lookonchain, a blockchain analytics firm, took place one day after Hayes sold 350,000 $PENDLE and incurred a loss of $1.26M on the deal.
Hayes first bought the $PENDLE tokens in May and June 2024 through Wintermute. The former received a sum of roughly 393K $PENDLE just for an average price of$5. However, the cost fell by almost 40% during July, August, and September, leaving Hayes to sell a large tranche of these tokens at a loss.
Market Speculation and Future Consequences
Since Hayes is well-known for making significant trading calls, his news influences market sentiment. These recent actions could have been a preemptive step in wider risk management. His actions are substantial for the market, and he has the entire trader, investor, holder, and analyst community watching his every move. Will he sell off the remaining tokens now or hold onto them if the price recovers?
Looking at Lookonchain data, it seems that Hayes still has more than 450,000 $PENDLE left in his main wallet after the deposit into Binance, leaving one to ask what he intends to do with the rest of the tokens.
Hayes may be gearing up for heavy trading following his decision to withdraw the tokens from staking and deposit many of them into Binance. Whether this means he is cutting his losses or has an exit strategy remains to be seen.
