Arthur Hayes unstakes nearly $10M worth of Pendle: Time to sell?
Arthur Hayes, the co-founder of BitMEX and a crypto community figure, unstaked 1.55 million PENDLE tokens (worth $9.41 million).
The unstaking of his PENDLE tokens has sparked community concerns about a price dump, as Hayes currently holds 1.69 million tokens.
With an average buying price of $2.24 per token, Hayes’ holdings currently have an unrealized profit of around $6.46 million.
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Community expects Hayes potential sell-off
The unstaking transaction sparked discussion and concern within the crypto community, with many responding to the shift in fund location with bearish sentiment.
However, another X user expressed a contrasting perspective, explaining that Hayes had purchased more PENDLE tokens just five days prior at an average price of $6.15.
“Chill guys, its just 1 month stake unlocked. He just bought 600k more at an average price $6.15 days ago, why would he dump now?”
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Hayes and Pendle
PENDLE is a decentralized finance (DeFi) token associated with Pendle Finance (Pendle.fi), a protocol that allows users to tokenize and trade future yields.
Hayes has expressed support for Pendle.fi on several occasions in the past, publicly endorsing Pendle in the DeFi space, particularly highlighting its potential as a key derivative exchange.
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Market sentiment implications
PENDLE price reached a high of around $6.30 on June 6 prior to Hayes unstaking his tokens.
After the transaction to unstake at roughly 10:00 am UTC, PENDLE price was above the $6 mark. At the time of writing, PENDLE price was $5.97, down roughly 2% over last 24 hours.
Hayes called a local bottom for Bitcoin (BTC) on May 3, suggesting the market would slowly grind back up in price over the next few months.
At the time of Hayes’ suggestion of a local bottom, BTC price was $59,804 — almost 20% down from the current price of BTC at $71,169.
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