- Arthur Hayes, founder of BitMEX, reenters the market, transferring 350,010 PENDLE tokens to Binance and Bybit.
- Hayes’s recent PENDLE token move marks his first activity after a three-month break.
Arthur Hayes, the founder of BitMEX, has made big moves in the crypto market, indicating increased involvement after a long hiatus. According to SpotOnChain, Hayes transferred 350,010 PENDLE tokens, worth about $1.26 million, to Binance and Bybit.
Arthur Hayes (@CryptoHayes) deposited the first 350,010 $PENDLE ($1.26M) to #Binance and #Bybit in the past hour.
Currently, Arthur Hayes still holds 1.66M $PENDLE ($5.93M) in @pendle_fi, which has passed the locking period and can be sold at any time.
His estimated total… https://t.co/uaOPIxV6z0 pic.twitter.com/c4wl7RDj5S
— Spot On Chain (@spotonchain) September 20, 2024
Arthur Hayes Ends Hiatus with Substantial PENDLE Holdings
This transaction is his first since June 21, 2024, effectively putting an end to a three-month inactivity. Despite this big transfer, Hayes still has a sizable ownership of 1.66 million PENDLE tokens, which are currently valued at approximately $5.93 million.
These tokens, having passed the locking period, can now be freely traded or exchanged. Notably, Hayes’ anticipated profit from his entire PENDLE assets is $1.09 million, representing an 18.2% return on his investment.
This latest move comes after a difficult period for Hayes, during which he liquidated a portion of his PENDLE assets at a loss amid a larger market drop.
As of writing, PENDLE is trading about $3.48, down 2.47% over the last 24 hours, with a trading volume of $102.53 million. These numbers show that, despite recent market volatility, Hayes remains strategically involved in the cryptocurrency industry, potentially looking for future chances.
However, Hayes’ actions are not limited to PENDLE. His larger market views, particularly about the global financial landscape, point to a potential upheaval in the crypto market.
CNF previously reported on Hayes’ perspective on Japan’s imminent banking disaster. The former BitMEX CEO stated that Japanese banks may be on the edge of a major crisis, forcing them to liquidate over $1 trillion in US Treasury bonds. According to Hayes, such a step might spark Bitcoin’s resurgence.
Hayes’ opinion includes the possibility of the US Federal Reserve intervening in this scenario. He expects that the Federal Reserve would intervene to prevent a catastrophic open market sell-off, promising to print dollars for the Bank of Japan.
Hayes believes that this influx of cash will most certainly flow into Bitcoin, increasing its value and confirming its reputation as a safe haven asset during times of financial upheaval.
