Arthur Hayes, the former CEO and co-founder of BitMEX, has been making headlines due to his substantial selloff of Pendle (PENDLE) tokens. On September 24th, Hayes offloaded a significant 240,000 PENDLE tokens, valued at approximately $957,600. This move was part of a larger trend, as Hayes has sold over 1.83 million PENDLE tokens in the past four days, totaling around $6.58 million at an average price of $3.58 per token.
This massive selloff has raised eyebrows within the crypto community, leading to speculation about the potential impact on PENDLE’s price. Given the scale of Hayes’s transactions, there are concerns that PENDLE may face a substantial price decline in the near future. However, the reasons behind Hayes’s decision to sell such a large quantity of tokens remain a topic of debate.
Shifting Focus to Aethir (ATH)
One possible explanation for Hayes’s selloff is his growing interest in another cryptocurrency, Aethir (ATH). According to on-chain analytics, Hayes has accumulated a substantial 62.258 million ATH tokens, worth approximately $4.08 million, over the past month. This shift in focus suggests that Hayes may see greater potential in ATH compared to PENDLE.
The move to ATH could be part of a broader strategy to diversify his portfolio and capitalize on emerging opportunities within the crypto market. As Hayes reallocates his investments, it will be interesting to see how this decision impacts both PENDLE and ATH in the coming weeks.
PENDLE’s Price Action and Key Levels
Despite the significant selloff by Hayes, PENDLE’s price action has shown resilience. Technical analysis indicates that PENDLE remains bullish, with the potential to soar by 20% to reach the $5 level and possibly even higher. This optimistic outlook is based on historical price momentum and current market sentiment.
One key factor supporting this bullish sentiment is PENDLE’s position above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a widely used technical indicator that helps traders determine whether an asset is in an uptrend or downtrend. PENDLE’s ability to stay above this level suggests that it is still in a positive trend.
Bullish On-Chain Metrics
Further bolstering the bullish outlook for PENDLE are several on-chain metrics. According to data from Coinglass, PENDLE’s Long/Short Ratio stands at 1.005, indicating a bullish market sentiment among traders. Additionally, the coin’s future open interest has increased by 4.5% over the past 24 hours and 7.8% over the past four hours. This rising open interest suggests that traders are building more long positions, which could drive the price higher.
At the time of writing, PENDLE was trading near $4.14, following a price surge of over 3.5% in the last 24 hours. However, during the same period, its trading volume dropped by 51%, indicating lower participation from traders amid the selloff. This divergence between price and volume could signal a period of consolidation before the next major move.
Conclusion
In conclusion, while Arthur Hayes’s significant selloff of PENDLE tokens has raised concerns about a potential price decline, the overall outlook for PENDLE remains bullish. The token’s ability to stay above key technical levels, coupled with positive on-chain metrics, suggests that it could still see substantial gains in the near future. As Hayes shifts his focus to Aethir (ATH), the crypto community will be watching closely to see how these developments unfold and what impact they will have on both PENDLE and ATH.
