Arthur Hayes, one of the co-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 concerns within the community about a potential price drop, as Hayes still holds 1.69 million tokens.
Having acquired these tokens at an average price of $2.24 each, Hayes is currently sitting on an unrealized profit of approximately $6.46 million.
The decision to unstake his PENDLE tokens has generated a lot of discussion and worry among crypto enthusiasts, with many expressing bearish sentiments about the situation.
However, a different user provided a different perspective, noting that Hayes had actually purchased more PENDLE tokens just five days prior at an average price of $6.15.
PENDLE is a DeFi token associated with Pendle Finance (Pendle.fi), a platform that enables users to tokenize and trade future yields.
Hayes has been vocal in his support for Pendle.fi in the past, praising the project in the DeFi space and highlighting its potential as a leading derivative exchange.
Prior to Hayes’ unstaking of his tokens, the price of PENDLE had reached a peak of around $6.30 on June 6.
Following the unstaking transaction at around 10:00 am UTC, the price of PENDLE remained above $6. As of the latest update, the price of PENDLE stood at $5.97, representing a decrease of approximately 2% over the last 24 hours.
Hayes had previously predicted a bottom for Bitcoin (BTC) on May 3, suggesting that the market would gradually recover in the coming months. At the time of his prediction, the price of BTC was $59,804, which is almost 20% lower than the current price of BTC at $71,169.
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Is it time to sell as Arthur Hayes withdraws almost 10M in Pendle tokens