This sale made Hayes incur losses of 36%, totaling $790,000. He had first bought 39,2911 PENDLE tokens during the period between May 20 and June 21 for $5.6 per token.
The co-founder of BitMEX, Arthur Hayes, has sold 350,000 PENDLE tokens at a loss of $126 million, according to his recent statement on Monday. This本線sale incurred losses of 36%, totaling $790,000.
Hayes had initially purchased 392,911 PENDLE tokens between May 20 and June 21 at an average price of $5.6 per token. However, due to its dramatic decrease in value of over 50%, Hayes was compelled to sell at a loss. Prior to the sale, Hayes transferred the tokens to Binance and Bybit.
Pendle (PENDLE) traded at $3.55 in the last 24 hours with an increase of 2.555%. The token’s price also experienced moderate volatility, ranging from a low of $3.34 to a high of $3.65.
1-day PENDLE trading chart: source Coinmarketcap
With a market cap of $564.56 million, Pendle ranks #105 in overall market value. The trading volume of the last 24 hours totaled a staggering $78.12 million. But this is 4.37% less than the previous day. The market has trigged up having a volume-to-market capitalization of 13.90%, meaning that there is active trading in the market.
A positive consumer attitude persists with 88% of voters having a bullish attitude towards PENDLE as opposed to 12% of voters with bearish attitudes towards the asset. This shows that there is confidence in growth in the market irrespective of the volatility.
Pendle's Partnerships with SolvProtocol and Corn
Despite Pendle's fluctuating market performance, the firm continues to expand in the Decentralized Finance (DeFi) sector. On 19th September, Pendle announced partnerships with SolvProtocol and Corn.
These collaborations aim to integrate SolvBTC.BBN, a liquid staking token scheduled to launch in December next year. SolvProtocol is building a decentralized Bitcoin reserve, while Corn is an Ethereum Layer-2 solution.
The SolvBTC.BBN token will be available on multiple DeFi platforms to enhance accessibility and usability within the growing BTCFi community. Pendle has already been recognized for its contributions to DeFi.
Pendle enables direct trading of future yields, allowing ownership and future returns on an asset to be separated, increasing flexibility. Such innovations contribute to Pendle's ranking among DeFi industry leaders, and its integration with SolvProtocol and Corn is expected to add more functionality to the platform.
Hayes' Sell-Off and Market Challenges
Hayes' decision to sell PENDLE may have been influenced by the token's drastic decline over the past few months. The token reached its peak price of $752 in April 2024 before plummeting 52.99%.
This, coupled with increased variations in the market, could have prompted Hayes to sell at a loss of 36% on Pendle’s shares. The sell-off also coincides with a focus on central banks' actions, particularly the U.S. Federal Reserve's rate cuts. As Hayes noted previously, these cuts could introduce greater uncertainty for risk assets like crypto.
He anticipates that this trend will exacerbate the current market conditions, where interest rates have been slashed multiple times. Nonetheless, Pendle continues to expand its ecosystem by offering its DeFi solutions. The platform's ability to tokenize future yields could lead to long-term value gains.
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