Arthur Hayes’ family office fund has unloaded a huge chunk of its position in the decentralized finance (DeFi) altcoin Pendle (PENDLE).
Hayes sold 1.59 million PENDLE for $5.62 million at an average price of $3.52 over a two-day period, resulting in a loss of $1.29 million, according to the crypto tracker Lookonchain.
[adinserter block="1"]Lookonchain also notes that the price of PENDLE surged by 24% after his sell-off.
Less than two weeks ago, Hayes, who has served as an advisor to Pendle, predicted on the social media platform X that the asset would surge to $10.
On Saturday, the BitMEX co-founder acknowledged his family office fund, Maelstrom, was reducing its PENDLE position, hinting at another investment in the future.
“Even after the reduction, it is still one of our largest positions. We still fully believe that PENDLE will be the leader in crypto interest rate derivatives. And we plan to profit off of their success.
We have reduced our position to fund a special situation. Those who monitor our wallets will get a glimpse as to what that is in the very near future.”
PENDLE is trading at $3.89 at time of writing. The 119th-ranked crypto asset by market cap is down nearly 4% in the past day but remains up about 25% this month.
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