Arthur Hayes Speaks Out, Defends Himself About The Altcoin He First Advertised And Then Dumped
Arthur Hayes, one of the well-known names in the cryptocurrency world, spoke about the altcoin that came to the fore with its recent sale.
BitMEX co-founder and cryptocurrency leader Arthur Hayes recently announced that his family office fund Maelstrom Fund has reduced its position in PENDLE, a token focused on crypto interest rate derivatives.
Hayes noted that Maelstrom Fund, among other funds, purchased 392,911 PENDLE tokens at an average price of $5.60 between May 20 and June 21. However, the fund recently sold 350,000 PENDLE tokens at a loss, a move that has garnered attention in the crypto community, especially considering Hayes’ strong support for the asset.
Despite his position in the asset, Hayes noted that PENDLE remains one of the largest holdings in the Maelstrom Fund’s portfolio. He said he believes in the token’s long-term potential, saying:
“As you can see, Maelstrom Fund is reducing its PENDLE position. Even after the reduction, it is still one of our largest positions. We still fully believe that PENDLE will be a leader in crypto interest rate derivatives and we plan to profit from their success.”
The sale was reportedly made to fund a “special occasion,” but Hayes kept the details secret.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Solana Faces Volatility: Is a Rebound in Sight or a Trend Shift Ahead?
Bitcoin Price Could Surge to Unbelievable Heights, According to Key Advocates
Analysts Warn of Potential Bitcoin Pullback Ahead of CPI Release
Spot bitcoin ETFs continue strong inflows of $817 million, BTC dips 3.4%
Spot bitcoin ETFs in the U.S. drew in $817.5 million in daily net inflows amid a broader crypto market rally on Tuesday, which has since paused.Bitcoin fell 3.4% in the past 24 hours to currently trade at $86,855, potentially indicating some profit-taking by investors, according to a BRN analyst.