Arthur Hayes Offloads 87% Of PENDLE Holdings, Deposits $6.57M To Binance And Bybit

Arthur Hayes, founder of BitMEX, has recently made significant moves in the crypto market by reducing his PENDLE holdings.

Over the last four days, Hayes has deposited a total of 1.835 million PENDLE, valued at $6.57 million, to both Binance and Bybit. This reduction represents 87% of his PENDLE position, with the average sale price clocking in at $3.581 per token.

After these transactions, Hayes now holds just 253,460 PENDLE, currently valued at $1.01 million, which now ranks fourth in his overall portfolio.

Amidst these developments, Pendle’s newly introduced BTC pool is attracting attention, with a total value locked (TVL) of $170 million. In addition, Pendle is offering several highly competitive BTC staking options, boasting some of the best returns available in the industry.

Here are the current LP annual percentage yields (APY) across different pools:

– uniBTC: 25%, TVL $1.8 million
– solvBTC: 44%, TVL $15 million
– LBTC: 29%, TVL $26 million
– eBTC: 16%, TVL $34 million

Aside from the base returns, liquidity providers (LPs) on Pendle can also earn points. If you’re cautious about risk and wary of impermanent loss, Pendle offers an option to provide liquidity as a PT or LP. Notably, if LP positions are held until expiration, the risk of impermanent loss is eliminated.

With these impressive yields and the security of no impermanent loss upon expiration, it raises the question: has anyone considering BTC staking been attracted to DeFi options like Pendle?

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/arthur-hayes-offloads-87-of-pendle-holdings-deposits-6-57m-to-binance-and-bybit/