Altcoin

Arthur Hayes Hints at Next Crypto Investment Move After Maelstrom Offloads Part of PENDLE Position

Published

1 year ago

September 24, 2024

Arthur Hayes’ household workplace fund has offered off a big portion of its place in decentralized finance (DeFi) altcoin Pendle (PENDLE).

Hayes offered 1.59 million PENDLE for $5.62 million at a mean worth of $3.52 over a two-day interval, leading to a lack of $1.29 million, based on the crypto tracker. Look at chain.

Lookonchain additionally notes that the value of PENDLE rose 24% after its sell-off.

Lower than two weeks in the past, Hayes, who has served as an advisor to Pendle, predicted on the social media platform X that the asset would rise to $10.

Saturday is the co-founder of BitMEX recognized his household workplace fund, Maelstrom, was winding down its PENDLE place, signaling a brand new funding sooner or later.

“Even after the discount, it’s nonetheless one in every of our largest positions. We nonetheless absolutely consider that PENDLE would be the chief in crypto rate of interest derivatives. And we plan to learn from their success.

We diminished our place to finance a particular scenario. These keeping track of our wallets will get a glimpse of what that’s within the very close to future.”

PENDLE is buying and selling at $3.89 on the time of writing. The 119th-ranked crypto asset by market capitalization has fallen practically 4% up to now day however continues to rise about 25% this month.

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