Concerns Surge as BitMEX Co-founder Arthur Hayes Unstakes $9.41M PENDLE Tokens
Summary:
BitMEX co-founder Arthur Hayes has unsettled the crypto community by unstaking 1.55 million PENDLE tokens, sparking concerns about a potential price crash. Countering these fears, some users argue that Hayes bought more tokens recently, implying he might not sell yet. Hayes, known for his support of DeFi platform Pendle.fi, has seen an unrealized profit of around $6.46 million with his PENDLE holdings. Despite his unstaking action, PENDLE's price remains stable, only witnessing a minor 2% drop in 24 hours.
Arthur Hayes, who co-founded BitMEX and is well-known in the crypto sphere, has unsettled the community by unstaking 1.55 million of his PENDLE tokens, equivalent to $9.41 million. Observers are worried about a potential price crash, given that Hayes still holds 1.69 million tokens. Considering his average purchase price of $2.24 per token, Hayes' untapped profit circles around $6.46 million, as per CoinMarketCap data. After the sudden unstaking, some community members voiced fears of a bearish market trend, triggering a flurry of debate. However, a user countered these concerns, pointing out that Hayes bought more PENDLE tokens only five days ago at an average cost of $6.15, implying he might not be ready to sell just yet. Hayes is a known supporter of Pendle.fi, the DeFi platform associated with PENDLE tokens that enables future yield trading and tokenization. PENDLE peaked at around $6.30 on June 6 before Hayes' unstaking move. The price stood slightly above $6 when Hayes unstaked around 10:00 am UTC and was pegged at $5.97 at the moment, a 2% drop in 24 hours. Back on May 3, Hayes had predicted a slow yet steady price increase for Bitcoin (BTC) after identifying a local low, with Bitcoin then recording at $59,804. As of now, the current BTC price stands at $71,169, up by almost 20% from Hayes' prognosis.
Published At
6/6/2024 3:55:34 PM
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