Arthur Hayes, one of the founders of BitMEX and a prominent figure in the crypto community, recently unstaked 1.55 million Pendle (PENDLE) tokens, valued at $9.41 million. This move has caused some concern within the community regarding a potential price drop, as Hayes still holds 1.69 million tokens.
Hayes originally purchased the tokens at an average price of $2.24, which means he currently has an unrealized profit of approximately $6.46 million. The community is closely monitoring the situation, with some expressing worries about a sell-off.
Despite the apprehension, there are contrasting opinions within the community. One user pointed out that Hayes had actually acquired more PENDLE tokens just five days prior at an average price of $6.15. This indicates that Hayes may have a positive outlook on the token’s future performance.
PENDLE is a DeFi token associated with Pendle Finance (Pendle.fi), a platform that enables users to tokenize and trade future yields. Hayes has shown support for Pendle in the past, praising its potential as a key player in the derivative exchange space.
The price of PENDLE hit a peak of around $6.30 on June 6 before Hayes unstaked his tokens. Following the unstaking transaction, the price remained above $6. As of the latest update, the price of PENDLE stands at $5.97, showing a slight decrease over the past 24 hours.
Hayes has previously predicted a local bottom for Bitcoin (BTC) on May 3, suggesting that the market would gradually recover in the coming months. At the time of his prediction, BTC was priced at $59,804, which is nearly 20% lower than its current value of $71,169.
Overall, the community is closely monitoring Hayes’ actions and their potential impact on the market sentiment. Hayes’ support for Pendle and his recent unstaking of tokens are being closely watched by crypto enthusiasts for any further developments.