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BitMEX co-founder and former CEO Arthur Hayes has attracted the attention of crypto enthusiasts with his latest investment strategies. On-chain stats show he has actively purchased Aethir (ATH) lately while shifting from Pendle (PENDLE).
Arthur Hayes adds 30.89M ATH
Spot On Chain revealed that Hayes purchased 30.89 million ATH, worth around $1.92 million, on September 24.
The addresses accumulated 47.37 million ATH, worth $2.94 million from Bybit, KuCoin, and OKX over the last 48 hours.
The co-founder now has Aethir worth approximately $5.79 million (93.15 million tokens) in his portfolio.
The massive holding underscores Hayes’ trust in ATH’s performance and potential future gains. Notably, the significant accumulations reveal his shifting focus from tokenization asset PENDLE.
BitMEX co-founder dumps PENDLE
Arthur Hayes has dominated crypto trends over the last few days following his massive Pendle sell-offs.
Lookonchain data shows he offloaded tokens worth $957.6K, 240,000 PENDLE coins.
He has dumped approximately 1.83 million tokens, valued at around $6.58M over the past four days, at a $3.58 average price per token.
Arthur Hayes(@CryptoHayes) sold 240K $PENDLE($957.6K) again 3 hours ago! Arthur Hayes has sold a total of 1.83M $PENDLE($6.58M) at an average price of $3.58 in the past 4 days. He currently holds 253,462 $PENDLE($988.5K). x.com/lookonchain/st…
Large crypto holders often dump massive assets to escape potential bearish trends.
However, this might not be the case with Arthur Hayes, as his increased interest in Aethir appears to trigger the decision to offload Pendle.
Furthermore, PENDLE seems unbothered by Hayes’ significant sell-offs, maintaining bullish price actions at press time.
The altcoin gained 1.25% over the past day to trade at $4.02.
Historical price performance and the prevailing market sentiments support PENDLE’s upside trajectory, hinting at a 24.37% uptick to explore the $5 value area.
Moreover, the alt hovers well beyond the 200 EMA on the 4-hour charts, suggesting an uptrend.
On-chain indicators also support PENDLE’s bullishness.
Its long/short ratio is 0.9535 during this writing, according to Coinglass, highlighting optimistic trader sentiments.
Also, Open Interest remained relatively positive at $56.69 million, indicating that traders could execute more longs.
Market players usually use a long-short ratio beyond 1 and surging open interest while executing long positions.
PENDLE’s current price action
Pendle traded at $4.02 after gaining 1.25% within the past day.
The altcoin eyes continued uptrends, but the 38% dip in trading volume indicates dwindled performance from traders and investors, possibly due to Arthur Hayes’ sell-offs.
Source – CoinmarketcapWhile the cryptocurrency could witness a brief retracement before upside continuation, PENDLE bulls seem to have the upper hand.
The prevailing broad market sentiments, on-chain metrics, and historical performance indicate a possible run to $5 – a nearly 25% gain from the current price.
Moreover, PENDLE will likely weather the sell-off storm as October approaches – which analysts believe would be a historical month for kick-starting a one-of-a-kind crypto market bull rally.
The post Arthur Hayes bets big on Aethir (ATH) while dumping Pendle: what’s next for PENDLE price? appeared first on Invezz
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