BitMEX co-founder Arthur Hayes just added about $500,000 to his seven-figure position in one decentralized finance (DeFi) altcoin project, according to on-chain data.
According to the Ethereum (ETH) block explorer Etherscan, Hayes has purchased more than 98,560 Pendle (PENDLE) tokens, a project that allows users to tokenize and sell future yields.
He made the transaction using Wintermute, a leading digital assets trading firm.
Hayes, who is also an advisor for the Pendle project, currently holds more than 1,555,697 PENDLE tokens with a value of more than $7.7 million, according to Etherscan.
Hayes previously announced during the broader crypto market correction on May 2nd that he intended to up his investment in Pendle.
“I’m buying Solana and doggie coins (memecoins) for momentum trading positions. For longer-term sh*tcoin positions, I’m upping my allocations in Pendle and will identify other tokens that are ‘on sale.’ I will use the rest of May to increase my exposure. And then it’s time to set it, forget it, and wait for the market to appreciate the inflationary nature of the recent US monetary policy announcements.”
He also believes that Bitcoin (BTC) could trade sideways until August.
Said Hayes,
“A rally to above $60,000 and then range-bound price action between $60,000 and $70,000 until August.”
Pendle is trading for $4.96 at time of writing, down more than 3% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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