Arthur Hayes Suspected to Have Sold 350,000 PENDLE at a Loss, Losing Nearly $800,000
According to on-chain data monitored by Lookonchain, a wallet address suspected to belong to BitMEX founder Arthur Hayes transferred 350,000 PENDLE tokens to Binance and Bybit exchanges this afternoon.
It is reported that the address bought 392,000 PENDLE tokens at an average price of $5.6 through market maker Wintermute from May 20 to June 21. However, the price of the PENDLE token has dropped by nearly 40% since then, resulting in a loss of about $790,000 for the address due to the sale today.
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
Arthur Hayes has been a staunch supporter of Pendle, having previously publicly expressed his optimism for the future of Pendle in social media and offline events. As a result, this sudden sell-off has caused a wave of ridicule and criticism from the community.
— Arthur Hayes (@CryptoHayes) September 12, 2024
However, it is important to emphasize that Arthur Hayes did not sell all of his PENDLE tokens. According to data from Etherscan [https://etherscan.io/address/0xa86e3d1c80a750a310b484fb9bdc470753a7506f], a wallet address labeled as Arthur Hayes 2 still holds over 1.6 million PENDLE tokens in staking, with a total value of nearly $6 million.
