Arthur Hayes’ family office fund has sold off a significant portion of its stake in the decentralized finance (DeFi) altcoin Pendle (PENDLE).
Hayes disposed of 1.59 million PENDLE for $5.62 million at an average price of $3.52 over two days, resulting in a loss of $1.29 million, as reported by the crypto tracker Lookonchain.
According to Lookonchain, the price of PENDLE increased by 24% following his sell-off.
Just under two weeks ago, Hayes, who has acted as an advisor to Pendle, forecasted on the social media platform X that the asset would rise to $10.
On Saturday, the BitMEX co-founder mentioned that his family office fund, Maelstrom, was decreasing its PENDLE position, hinting at a potential future investment.
“Despite the reduction, it remains one of our largest positions. We continue to be confident that PENDLE will lead the way in crypto interest rate derivatives. We intend to capitalize on their future success.
We have trimmed our position to finance a special opportunity. Those who keep an eye on our wallets will soon see what that entails.”
PENDLE is currently trading at $3.89. The 119th-ranked crypto asset by market cap has decreased by nearly 4% in the last day but is still up around 25% this month.
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