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Highlights
- Arthur Hayes sells 1.595 million PENDLE tokens, worth $5.61 million, in three days.
- Hayes accumulates 62.257 million Aethir (ATH) tokens, valued at $4.1 million.
- PENDLE price plunges 4%, while ATH price rises over 2% following the shift in Hayes's trading strategy.
BitMEX co-founder Arthur Hayes has fueled speculations with his latest shift in the trading strategy. Recently, he has been seen offloading his PENDLE holdings, after praising the crypto over the past few months, while shifting his focus towards the DePIN project, Aethir (ATH).
So, here we take a look at the potential reasons behind his recent shift in trading strategy and how it has impacted the tokens’ prices.
Why is Arthur Hayes Selling PENDLE For ATH Token?
According to Spot On Chain, BitMEX co-founder has offloaded 1.595 PENDLE, worth around $5.61 million, over the last three days. Notably, Arthur Hayes has dumped the token to top crypto exchanges Binance and Bybit.
At the same time, he accumulated 16.478 million Aethir (ATH) tokens, worth around $1.02 million, from OKX, Bybit, and KuCoin, through the wallet “0x75b”. Spot On Chain reported that he now currently holds 493,463 PEN, worth around $1.98 million, marking his third-largest holding with an estimated profit of about $1.15 million. On the other hand, ATH became its second-largest holding, with a total of 62.257 million tokens, valued at $4.1 million.
Here are the top reasons that may have influenced the shift in his trading strategy.
Arthur Hayes Diversifying Portfolio
It appears that the BitMEX co-founder is diversifying his portfolio with this altcoin accumulation. The latest shifting strategy reflects the growing focus of Hayes on the DePIN projects, amid a rebound in the broader crypto market.
In a recent X post, he maintained his backing for the PENDLE crypto, but said that he had reduced the position to fund a “special situation”. It appears that he has indicated that Aethir is the new project that he is shifting his focus towards. It’s worth noting that he has started accumulating the ATH token since mid-August, indicating his confidence in the project.
Maelstrom Investment In Aethir
Arthur Hayes’s family fund, Maelstrom, is an investor in the Aethir project. Having said that, it appears that he, along with his fund, has already been putting their bets towards the crypto for a long. In addition, many have also deemed the latest investment as a marketing strategy by Hayes and his fund.
On July 26, 2023, Maelstrom revealed its investment in the project where it raised $162.8 million at a pre-valuation of $2.79 billion. Simultaneously, Arthur Hayes has previously invested in many altcoins defying the traditional market trends, which could be another reason behind his investment into the project.
Shifting Market Trends
Hayes made his first ATH purchase in August, shortly after he predicted a broader crypto market rebound in September 2024. Now, given the latest Fed rate cut of 50 bps points, the market appears to be regaining confidence toward riskier assets like digital currencies, which could have aided Hayes in accumulating other altcoins.
In his blog, the BitMEX co-founder said “In any case, I expect that crypto will exit its sideways-to-downward trajectory starting in September. As such, I will take advantage of this late northern hemispheric summer weakness to load up on crypto risk”. Although he didn’t name any specific crypto, it appears that the ATH project has gained his attention due to its growth potential.
ATH Price Rallies As PENDLE Slips
The influence of the Hayes is evidenced by the recent price performances of the two cryptos. As of writing, ATH price was up over 2% and exchanged hands at $0.06586, with its trading volume rising 11% to $84.56 million. Notably, the crypto has touched a 24-hour high and low of $0.06774 and 0.06197.
On the other hand, PENDLE price plunged over 4.5% to $3.89, with its trading volume slipping 62% to $175.44 million. However, in the latest X post, Hayes said “We still fully believe that PENDLE will be the leader in crypto interest rate derivatives. And we plan to profit off of their success.”
This comment indicates that he still maintains a bullish outlook on the project, which could aid in a recovery in the coming days. In addition, Arthur Hayes also recently said that he would be shifting his focus toward memecoins, especially towards dog-themed coins, amid a broader crypto market recovery.
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