- Hayes sells 350K PENDLE tokens at a loss but still holds 1.66M, valued at $5.93M.
- Pendle recovers 4.24%, showing bullish signs despite Hayes’ partial exit amid market decline.
- MACD signals bullish momentum as RSI nears overbought, reflecting strong buying interest.
Arthur Hayes, founder of BitMEX, has sold 350,000 PENDLE tokens, worth $1.26 million, at a considerable loss. Hayes had purchased 392,911 PENDLE tokens at an average price of $5.6 per token between May and June 2024; means he is still holding on to some.
Pendle’s price has dropped by more than 40% due to a market decline, resulting in a total loss of $790,000 or approximately -36% on his initial investment.
Market Decline Forces Hayes’ Hand
According to blockchain data, Hayes originally acquired the tokens through Wintermute, a major market maker, but now three months past, PENDLE’s price has plummeted. This decline prompted the decision to sell off part of his holdings, marking a notable exit from the token.
On-chain analysis tools, including Arkham, verified the recent transactions, showing that Hayes transferred a smaller amount of PENDLE to a Binance deposit address earlier in the day.
Hayes Maintains Significant Holdings
Even with this recent sale, Hayes is still holding on to a sizable position in PENDLE. Spot On Chain, an analytics platform, pointed out that he currently has 1.66 million PENDLE tokens, valued at around $5.93 million.
These tokens, which are no longer locked up, can be sold at any time, allowing Hayes to reduce his overall losses or realize potential gains. His total estimated profit from PENDLE currently stands at $1.09 million, reflecting an 18.2% overall return on his investment.
Read also: Pendle Saves $105 Million in DeFi Exploit, Halts Penpie Hack
As of the time of writing, Pendle (PENDLE) was trading at $3.61, recording a price increase of 4.24% in the past 24 hours. With a 24-hour trading volume of $74.27 million, the token has shown signs of recovery after a period of decline.
Technical indicators such as the MACD show a bullish crossover, suggesting increasing momentum as buyers regain control.
At the same time, the RSI sits at 62.46, nearing overbought territory but indicating strong buying interest. This positive price action comes even as the broader market downturn led to Hayes selling a portion of his PENDLE holdings at a loss.
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