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Cryptocurrency News Articles
Arthur Hayes Ends Hiatus with Substantial PENDLE Holdings
Sep 21, 2024 at 04:00 pm
Arthur Hayes, the founder of BitMEX, has made big moves in the crypto market, indicating increased involvement after a long hiatus.
Arthur Hayes, the former BitMEX founder, has made substantial moves in the crypto market, indicating increased involvement after a long hiatus.
According to SpotOnChain, Hayes transferred 350,010 PENDLE tokens, valued at approximately $1.26 million at the time of the transaction, to Binance and Bybit. This marks his first transaction since June 21, 2024.
The transaction was highlighted by SpotOnChain, showcasing Hayes' large holdings of $PENDLE, with 1.66 million tokens still locked in @pendle_fi and available for sale after the locking period expires. Hayes' total estimated profit from his entire $PENDLE assets stands at $1.09 million, reflecting an 18.2% return on his investment.
After a period of inactivity, Hayes' latest move comes amid a backdrop of interesting times in the crypto market. As CNF reported earlier, Hayes commented on the possibility of Japan's banks being close to a large crisis.
According to Hayes, Japanese banks may have to liquidate over $1 trillion in US Treasury bonds, which could lead to a scenario where Bitcoin might start rallying.
Hayes' analysis extends to the involvement of the US Federal Reserve in this situation. He anticipates that the Federal Reserve will step in to prevent a massive open market sell-off, offering to print dollars for the Bank of Japan.
This influx of cash, as Hayes sees it, will likely flow into Bitcoin, boosting its price and reinforcing its status as a safe haven asset during periods of financial turmoil.
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