BitMEX Founder Departs Pendle with $1.45M; Discover His Upcoming Venture
In a surprising turn of events, Arthur Hayes, the former CEO and founder of BitMEX, made a strategic move by withdrawing a substantial amount of Pendle (PENDLE) tokens from Binance. This transaction, valued at $1.28 million, has sparked discussions within the crypto community about potential market trends and the influence of prominent figures on cryptocurrency values.
Hayes, known for his calculated approach, withdrew 500,000 Pendle tokens from Binance at a price of $2.57 per token, resulting in an estimated profit of $1.45 million. He has a diversified portfolio that includes altcoins such as Ethereum, WILD, MEOW, USDT, WETH, WBTC, SUSHI, and ACH.
Spot On Chain, a crypto analytics firm, has observed an upward trajectory in the price of PENDLE following Hayes’ withdrawal. Despite a 5.62% decline in the last 24 hours, PENDLE has experienced impressive growth of 115.72% over the past 30 days, highlighting the dynamic nature of the market.
To hedge against potential downside risks, Hayes has also invested $35,000 in Bitcoin options on March 29, 2024. This demonstrates his proactive approach in managing risk and capitalizing on market opportunities.
As part of his new strategy, Hayes has announced the sale of his trading positions in Solana and Bonk. Although this decision resulted in a slight loss, it showcases Hayes’ flexibility and willingness to reallocate capital in response to market dynamics.
Furthermore, Hayes has expressed his intention to take advantage of market downturns by “buying the dip” if the value of Bitcoin falls below the $35,000 support level. This forward-looking approach positions him to seize potential buying opportunities in the event of a market correction.
As a prominent figure in the crypto community, Hayes’ actions are closely monitored. Investors are paying close attention to the value of PENDLE and Hayes’ altcoin portfolio for insights that may inform their own trading strategies.
Overall, Hayes’ portfolio adjustments indicate his readiness to adapt to market shifts and capitalize on potential opportunities. The market will closely watch how these moves may signal a broader market shift in the future.