Arthur Hayes, the former BitMEX CEO, has sold off a big chunk of his family office fund’s holdings in the DeFi token PENDLE. He unloaded 1.59 million PENDLE for $5.62 million, taking a loss of $1.29 million.
Hayes’s Explanation
Hayes explained on X (formerly Twitter) that his fund, Maelstrom, reduced its PENDLE position to free up cash for a “special situation.” He still believes in PENDLE’s potential and plans to profit from its future success.
PENDLE’s Price Jump
Interestingly, the price of PENDLE jumped by 24% right after Hayes’s sell-off. This suggests that some investors may have interpreted his move as a signal to buy.
What’s Next?
Hayes hinted that his next investment will be revealed soon. He said those who follow his wallet activity will get a glimpse of what’s coming.
PENDLE’s Performance
PENDLE is currently trading at $3.89. It’s down about 4% in the past day but up 25% this month.
Disclaimer: This is not financial advice. Always do your own research before investing in cryptocurrencies.
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