As an experienced analyst with over a decade in the cryptocurrency industry, I have witnessed firsthand the strategic moves of key players like Arthur Hayes. His recent shift from PENDLE to Aethir (ATH) is not just a simple change but a calculated move based on his extensive market knowledge and insights into upcoming trends.
Arthur Hayes, a co-founder of BitMEX, has sparked discussions with his recent change in trading tactics. Lately, he appears to be selling off his PENDLE assets, which he had previously endorsed for several months, and instead is directing his attention towards the DePIN project, Aethir (ATH).
Let’s examine the possible causes for his recent change in trading approach and explore its effects on the token prices instead.
Why is Arthur Hayes Selling PENDLE For ATH Token?
As reported by Spot On Chain, the co-founder of BitMEX, Arthur Hayes, transferred 1.595 units of PENDLE, which is roughly equivalent to $5.61 million, over the past three days. It’s worth mentioning that he sold this token to leading crypto exchanges Binance and Bybit.
Simultaneously, he gathered approximately 16.478 million Aethir (ATH) tokens, equivalent to around $1.02 million, from exchanges such as OKX, Bybit, and KuCoin, using the wallet “0x75b”. As per Spot On Chain, his current holdings include 493,463 PEN, worth approximately $1.98 million, making this his third-largest asset with an estimated profit of around $1.15 million. Interestingly, ATH has become his second-largest investment, totaling 62.257 million tokens and 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 seems that the co-founder of BitMEX is expanding his investment portfolio by acquiring this particular altcoin. His recent move in portfolio management indicates an increasing interest in the DePIN initiatives, as the overall cryptocurrency market recovers.
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 investment fund, Maelstrom, is backing the Aethir project. Previously, it seems that both he and his fund have been investing in cryptocurrency for quite some time. Furthermore, some people view this recent investment as a marketing move by Hayes and his team.
On July 26, 2023, Maelstrom announced its funding for a venture, securing $162.8 million at a pre-valuation of $2.79 billion. Meanwhile, Arthur Hayes has historically invested in various altcoins, going against traditional market patterns, potentially explaining his involvement in this project as well.
Shifting Market Trends
In August, Hayes bought his initial ATH (All Time High) for the first time, following his prediction of a broader crypto market recovery by September 2024. Now, with the recent reduction of 50 basis points by the Fed, the market seems to be gaining trust in riskier investments such as digital currencies. This renewed confidence might have helped Hayes in acquiring other altcoins.
In a recent post on his blog, BitMEX’s co-founder expressed his belief that the downward trend in cryptocurrencies may end as early as September. Taking advantage of this predicted shift, he plans to increase his crypto investments, with particular interest piqued by the ATH project due to its promising growth prospects. However, he did not specify which specific cryptocurrency he was referring to.
ATH Price Rallies As PENDLE Slips
The impact of Hayes can be seen in the latest price trends of the two cryptocurrencies. Currently, the all-time high (ATH) price is above 2% and is traded at $0.06586. Additionally, the trading volume has increased by 11% to reach $84.56 million. It’s worth mentioning that within the last 24 hours, this crypto reached a peak of $0.06774 and a low of $0.06197.
Contrarily, the price of PENDLE fell by more than 4.5%, reaching $3.89. The trading volume decreased by 62% to approximately $175.44 million. Despite this drop, in a recent update on X, Hayes expressed confidence that PENDLE will be a pioneer in crypto interest rate derivatives and they aim to benefit from its success.
His comment suggests he remains optimistic about the project’s future, potentially leading to an improvement in the next few days. Moreover, Arthur Hayes has expressed plans to delve into meme coins, particularly those associated with dogs, as the larger cryptocurrency market recovers.
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2024-09-23 18:26