Arthur Hayes’ family office fund has sold a significant portion of its holdings in decentralized finance (DeFi) altcoin PENDLE.
According to cryptocurrency tracking site Lookonchain, Hayes sold 1.59 million PENDLE for $5.62 million at an average price of $3.52 over two days, resulting in a loss of $1.29 million.
Lookonchain also mentions the price of PENDLE. It soared 24% after the sale.
Just two weeks ago, Hayes, who was an adviser to Pendle, predicted on social media platform X that the asset would surge to $10.
On Saturday, the BitMEX co-founder revealed that his family office fund, Maelstrom, was reducing its PENDLE positions, hinting at another investment in the future.
“Even after the reduction, it is still one of our largest positions. We remain confident that PENDLE will become a leader in cryptocurrency interest rate derivatives, and we plan to benefit from their success.
We have reduced our position to fund a special situation. Those who watch our wallets will get a glimpse of what it is in the very near future.”
PENDLE is trading at $3.89 at the time of writing. The 119th largest cryptocurrency by market cap is down about 4% over the past day, but is up about 25% this month.
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