Arthur Hayes’ family office fund has dumped a large portion of its position in decentralized finance (DeFi) altcoin Pendle (PENDLE).
Hayes sold 1.59 million PENDLE for $5.62 million at an average price of $3.52 over a two-day period, resulting in a loss of $1.29 million, according to crypto tracker Lookonchain.
Lookonchain also notes that the price of PENDLE jumped 24% after its sale.
Less than two weeks ago, Hayes, who served as an advisor to Pendle, predicted on social media platform X that the asset would surge to $10.
On Saturday, the BitMEX co-founder acknowledged that his family office fund, Maelstrom, was reducing its PENDLE position, hinting at another investment in the future.
“Even after the reduction, this is still one of our largest positions. We remain confident that PENDLE will be the leader in crypto interest rate derivatives. And we plan to benefit from their success.
We have reduced our position to fund a particular situation. Those who monitor our portfolios will have a glimpse of what this is about in the very near future.
PENDLE is trading at $3.89 at the time of writing. The 119th-ranked crypto asset by market cap has fallen nearly 4% over the past day, but remains up about 25% this month.
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