- Arthur Hayes offloads $5.61M PENDLE, boosts Aethir (ATH) to $4.1M, aligning with DePIN trend amid crypto market rebound.
- Hayes’s family fund, Maelstrom, backs Aethir, raising $162.8M, highlighting a strategic pivot towards DePIN investments.
- PENDLE dips 4.5% as Hayes sells; Aethir gains 2%, reflecting Hayes’s growing focus on DePIN projects and market recovery.
BitMEX co-founder Arthur Hayes has recently drawn attention with his strategic shift in cryptocurrency holdings, moving away from Pendle (PENDLE) and increasing his investment in Aethir (ATH). Hayes, known for his influential role in the crypto market, has offloaded a significant portion of his PENDLE holdings while accumulating ATH tokens, reflecting his growing interest in decentralized physical infrastructure networks (DePIN) projects.
Hayes Offloads PENDLE and Accumulates ATH Tokens
According to data from Spot On Chain, Hayes sold 1.595 million PENDLE tokens, valued at approximately $5.61 million, over the past three days. The sales were directed to top exchanges, including Binance and Bybit. Simultaneously, Hayes acquired 16.478 million Aethir (ATH) tokens worth around $1.02 million from exchanges like OKX, Bybit, and KuCoin through his wallet identified as “0x75b.”
Despite the significant reduction in his PENDLE holdings, Hayes maintains a substantial position, currently holding 493,463 PENDLE tokens valued at $1.98 million. PENDLE remains his third-largest holding, with an estimated profit of about $1.15 million. In contrast, Aethir (ATH) has emerged as his second-largest asset, with 62.257 million tokens valued at $4.1 million.
Hayes’s strategic move suggests a shift in focus towards DePIN projects like Aethir, reflecting his confidence in the sector’s potential amid a broader crypto market rebound. Hayes’s latest actions align with his recent statements about reallocating resources towards what he referred to as a “special situation,” likely pointing towards his investment in Aethir.
Market Reaction to Hayes’s Trading Strategy
The impact of Hayes’s trading decisions is evident in the recent price movements of both PENDLE and ATH. Following Hayes’s sell-off, PENDLE’s price fell over 4.5% to $3.89, with its trading volume declining by 62% to $175.44 million. Despite the sell-off, Hayes remains optimistic about PENDLE’s future, emphasizing his belief in the project’s leadership in crypto interest rate derivatives.
Conversely, Aethir (ATH) has seen a positive price trajectory, rising over 2% to $0.06586, with trading volumes increasing by 11% to $84.56 million. Hayes’s shift in focus has been perceived as a strategic realignment of his portfolio, further boosted by his previous positive outlook on DePIN projects and the broader market recovery.
Hayes’s family fund, Maelstrom, is also invested in Aethir, reinforcing the fund’s long-term commitment to the project. In July, Maelstrom revealed its investment in Aethir, raising $162.8 million at a pre-valuation of $2.79 billion. This connection has fueled speculation that Hayes’s recent moves may also be part of a broader marketing strategy.
Hayes’s shift towards Aethir follows his predictions of a crypto market rebound, further supported by recent macroeconomic factors, such as the latest Federal Reserve rate cut. These conditions have contributed to renewed confidence in riskier assets, including cryptocurrencies, influencing Hayes to reallocate his investments.
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