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Arthur Hayes shifts focus from PENDLE to Aethir (ATH)

Arthur Hayes shifts focus from PENDLE to Aethir (ATH)

GrafaGrafa2024/09/24 02:10
By:Mahathir Bayena

Arthur Hayes, founder of BitMEX, has recently reduced his holdings in Pendle (CRYPTO:PENDLE), selling 61% of his position and accumulating more Aethir (ATH) tokens. 

Hayes sold 1.27 million PENDLE tokens, valued at around $4.4 million, between September 19 and 21. 

Despite the reduction, PENDLE remains one of his largest holdings, with 820,000 tokens still in his portfolio. 

Hayes explained his decision in a post on X (formerly Twitter), referring to a “special situation” that prompted the sale. 

He stated, “We still fully believe that PENDLE will be the leader in crypto interest rate derivatives. We have reduced our position to fund a special situation.” 

Speculation suggests his focus has shifted to Aethir (CRYPTO:ATH), as on-chain analysis shows that Hayes now holds more ATH than PENDLE. 

Over the past few days, he withdrew 16.478 million ATH tokens, valued at $1.02 million, from several exchanges, making it his second-largest holding with 62.257 million ATH tokens worth $4.1 million. 

Pendle’s total value locked (TVL) skyrocketed by 42,746% in the last year, reaching $6.71 billion by June 2024, driven by its innovative yield structure and Hayes’ endorsement. 

His mention of Pendle at the April Token 2049 event in Dubai led to a 10% surge in PENDLE’s price and a 61% increase in trading volume. 

As Hayes pivots to Aethir, a project aligned with the decentralized physical infrastructure network (DePIN) narrative, he continues to maintain a significant stake in Pendle, which aligns with the real-world asset (RWA) narrative. 

His strategic shifts highlight his ongoing influence in the crypto space and his confidence in these emerging sectors.

At the time of reporting, the Pendle (PENDLE) price was $3.88, while the Aethir (ATH) price was $0.06164.

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