Arthur Hayes Sells $1.65 Million Worth of PENDLE, Raising Questions

On-chain data revealed that Arthur Hayes, the founder of BitMEX, withdrew 1.65 million staked PENDLE tokens from his wallet today. This follows yesterday's sale of 350,000 PENDLE tokens. He subsequently transferred 1.2 million of these tokens to an exchange, leaving him with only 493,463 PENDLE tokens.

According to on-chain analyst Yujian, Arthur Hayes' average cost for PENDLE is approximately $2.89. By selling 1,595,000 PENDLE tokens at an average price of $3.52 over the past two days, he made a profit of $1 million.

This move comes after Arthur Hayes recently expressed his optimism for Pendle's future in both online and offline events. His sudden sale has sparked mockery and criticism within the community.

In response, Arthur Hayes tweeted an explanation:

"As you can see, @MaelstromFund is reducing its $PENDLE position. Even after the reduction it is still one of our largest positions. We still fully believe that $PENDLE will be the leader in #crypto interest rate derivatives. And we plan to profit off of their success.
We have… "

— Arthur Hayes (@CryptoHayes) September 21, 2024

He claims that the sale was part of a strategic move by his family office, Maelstrom Fund, and they remain invested in PENDLE. He assures the public that they still believe in the platform's potential but need to free up capital for a "special situation."