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<p><strong>Arthur Hayes, the founder of BitMEX, has navigated a multifaceted connection with Pendle (PENDLE), evident through his recent engagements with the protocol.</strong></p>
<p>Historically, Hayes's activities have often correlated with significant fluctuations in the PENDLE token price, leading to speculation about a similar trend potentially developing for Aethir (ATH).</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-arthur-hayes-shills-pendle"><strong>Arthur Hayes Promotes PENDLE</strong></h2>
<p>During the April Token 2049 event in Dubai, BitMEX founder Arthur Hayes first brought Pendle into the spotlight. In a conversation with Crypto Banter’s Ran Neuner, Hayes extolled Pendle as the vanguard of decentralized derivative exchanges. He emphasized the protocol’s groundbreaking capacity to intertwine with native crypto protocols within decentralized finance (DeFi), underscoring its pivotal role in advancing interest rate trading in the crypto landscape.</p>
<p>At that time, Hayes posited that Pendle’s framework would transform the crypto space by fostering a “farm-to-table economy.” This notion would provide investors with clear borrowing or lending rates, along with tools for hedging risks.</p>
<p>Pendle’s innovative yield structure has had a remarkable effect on its total value locked (TVL), which skyrocketed by an impressive 42,746% over the past year. According to <a href="https://defillama.com/protocol/pendle#information" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>, Pendle's TVL escalated from $15.67 million in January 2023 to $6.714 billion by June 2024.</p>
<p><strong>Read more: Top 11 DeFi Protocols To Watch in 2024</strong></p>
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<p>Hayes' advocacy for Pendle at the April Token 2049 event triggered a 10% increase in the PENDLE token price, while trading volume soared by 61% that day as traders responded to his statements, bolstered by his history of accurate predictions.</p>
<p>Previously, Hayes had made analogous forecasts at the October 2023 Token 2049 event in Singapore, anticipating climbs in Bitcoin, AI-oriented projects, and Filecoin. These predictions were later validated, reinforcing his stature as a market influencer.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bitmex-founder-eyes-depin-token">BitMEX Founder Focuses on DePin Token </h2>
<p>During the peak of the recent Token 2049 event in Singapore, Lookonchain <a href="https://x.com/lookonchain/status/1837401209835344362" target="_blank" rel="noreferrer noopener nofollow">disclosed</a> that Arthur Hayes liquidated 1.27 million PENDLE tokens from September 19 to 21, valued at approximately $4.4 million. This transaction signaled a notable 61% decrease in Hayes’s PENDLE portfolio, leaving him with 820,000 tokens, worth around $2.85 million.</p>
<p>In a recent update on X (formerly Twitter), the BitMEX founder elaborated on his sales, referring to a “special situation,” implying the emergence of a new project on his radar.</p>
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<p>“As you can see, Maelstrom Fund [Crypto Hayes family office] is trimming its PENDLE holdings. Even post-reduction, it remains one of our largest positions. We maintain full confidence that PENDLE will excel in crypto interest rate derivatives. Our reduction is to facilitate a special situation. Those who track our wallets will soon catch a glimpse of what that entails,” Hayes <a href="https://x.com/CryptoHayes/status/1837389985324118212" target="_blank" rel="noreferrer noopener nofollow">stated</a>.</p>
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<p>Reports indicate that his “special situation” could be associated with Aethir (ATH). On-chain insights provider Spotonchain <a href="https://x.com/spotonchain/status/1838118033770111111" target="_blank" rel="noreferrer noopener nofollow">highlighted</a> that Hayes now possesses more ATH than PENDLE. In the past three days, he withdrew 16.478 million ATH tokens, valued at $1.02 million, from platforms such as OKX, Bybit, and KuCoin.</p>
<p><strong><strong>Read more: A Comprehensive Guide on Monitoring Smart Money in the Crypto Market</strong></strong></p>
<figure class="wp-block-image size-full is-resized"><img decoding="async" width="1282" height="1364" alt="Arthur Hayes Holdings" class="wp-image-573840 lazy" style="aspect-ratio:0.9398826979472141;width:740px;height:auto" srcset="https://beincrypto.com/wp-content/uploads/2024/09/AR-hayes.jpeg.optimal.jpeg 1282w, https://beincrypto.com/wp-content/uploads/2024/09/AR-hayes-338x360.jpeg.optimal.jpeg 338w, https://beincrypto.com/wp-content/uploads/2024/09/AR-hayes-799x850.jpeg.optimal.jpeg 799w, https://beincrypto.com/wp-content/uploads/2024/09/AR-hayes-768x817.jpeg.optimal.jpeg 768w, https://beincrypto.com/wp-content/uploads/2024/09/AR-hayes-150x160.jpeg.optimal.jpeg 150w" sizes="(max-width: 1282px) 100vw, 1282px" loading="lazy" src="https://beincrypto.com/wp-content/uploads/2024/09/AR-hayes.jpeg.optimal.jpeg"/><figcaption class="wp-element-caption">Arthur Hayes Holdings. Source: <a href="https://x.com/spotonchain/status/1838118033770111111" target="_blank" rel="noreferrer noopener nofollow">Spotonchain</a></figcaption></figure>
<p>Currently, Hayes possesses 62.257 million ATH tokens valued at $4.1 million—his second-largest holding. His third-largest stake comprises 493,463 PENDLE tokens, worth $1.98 million, with an estimated profit of $1.15 million, or 19%.</p>
<p>Through these holdings, Hayes appears to be shifting toward the DePIN (decentralized physical infrastructure network) narrative with ATH while investing in the real-world asset (RWA) narrative through PENDLE. As reported by BeInCrypto, ATH has gained nearly 5% since the beginning of the week, currently trading at $0.066.</p>
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</div>Arthur Hayes Sells Off PENDLE, Shifts Focus to Aethir (ATH)[embed]https://www.youtube.com/watch?v=0bnHeVFO9No[/embed]
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