Arthur Hayes Sells Millions Of PENDLE Below Predicted Price Target

Arthur Hayes, the former BitMEX CEO, recently sold a significant portion of his PENDLE holdings despite previously forecasting the token to reach $10.

According to on-chain data from @lookonchain, Hayes offloaded $4.4 million worth of PENDLE over the past two days, representing roughly 61% of his family office fund, Maelstrom. This sale means Hayes has parted with over half of his position at a price well below his $10 prediction, with the token still trading under $4.

In a public explanation, Hayes revealed that the sale was to “fund a special situation,” hinting at a reallocation that will soon be visible on-chain. Despite the reduction, PENDLE remains the largest position in his portfolio, as he still views it as a leader in the emerging market of crypto interest rate derivatives.

Hayes had previously made bullish remarks about PENDLE during a period of volatility in early September, posting about the token when its price ranged between $3.09 and $3.23. His recent sales reportedly began when PENDLE crossed the $3.40 mark, peaking at $3.72.

PENDLE Price Action Since Hayes $10 Price Prediction 

Interestingly, PENDLE has surged by 20% since Hayes made his $10 price prediction, but his decision to sell well below that target has raised questions among investors.

In a separate move today, on-chain analysis from icrypto revealed that Hayes withdrew 1.66 million PENDLE, valued at $5.77 million, from Pendle Finance. He then deposited 918,600 PENDLE ($3.2 million) to Binance and transferred 283,600 PENDLE ($984,000) to another wallet, 0xab3f. Hayes still retains 453,500 PENDLE, valued at $1.57 million, signaling that he hasn’t completely exited his position.

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-sells-millions-of-pendle-below-predicted-price-target/