In a significant trading blunder, BitMEX co-founder Arthur Hayes has sold 350,000 Pendle PENDLE/USD tokens worth approximately $1.26 million just three months after he acquired a larger position in the token, realizing a $790,000 loss.
What Happened: According to data from blockchain analytics platform Lookonchain, he had originally purchased 392,911 tokens for $2.2 million between May and June at an average price of $5.6 per token.
This recent sale comes after the value of the Ethereum ETH/USD based token dropped by over 40%, marking a sharp 36% decline in his investment.
The crypto research firm Lookonchain revealed the details of Hayes' transactions, and the sale has sparked debate regarding his trading prowess.
Hayes has been vocal about his bullish views on the cryptocurrency market, especially Bitcoin BTC/USD.
Earlier this year, Hayes had confidently projected that Bitcoin could hit a price of $1 million.
Also Read: Bitcoin’s Correction Ends, But It Has To Break This Target To Surge To $70K: 10x Research
Why It Matters: In an interview with Anthony Pompliano, Hayes expressed his belief that the global macroeconomic environment is driving the demand for Bitcoin, stating, “The macro environment is insane. Real yields…have been negative and have been negative since the global financial crisis.”
He went on to stress how Bitcoin’s appeal continues to grow as an alternative asset, particularly in the face of inflation and rising government debt.
He recently discussed the implications of the U.S. Federal Reserve’s rate cuts and their influence on the cryptocurrency market.
“The first few rate cuts historically sparked Bitcoin rallies lasting 1-2 weeks,” Hayes said.
However, he warned that long-term trends could be influenced by broader economic data, suggesting that the rally may not be sustainable without further monetary support.
Hayes had previously lauded the introduction of Bitcoin ETFs, saying, “Now all the banks have a way to give these bond investors something else to buy,” highlighting how institutional involvement could further drive Bitcoin's value.
Given Hayes’ influence and his recent trading moves, his role in shaping the future of digital assets will likely be a focal point of discussions at Benzinga's Future of Digital Assets event on Nov. 19.
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