BitMEX co-founder Arthur Hayes has recently increased his investment in a decentralized finance (DeFi) altcoin project by approximately $500,000, as per on-chain data. According to the Ethereum (ETH) block explorer Etherscan, Hayes has acquired over 98,560 Pendle (PENDLE) tokens. Pendle is a project that enables users to tokenize and sell future yields. Hayes executed this transaction through Wintermute, a prominent digital assets trading firm.
Hayes, who also serves as an advisor for the Pendle project, currently holds more than 1,555,697 PENDLE tokens, valued at over $7.7 million, according to Etherscan. Earlier, during the broader crypto market correction on May 2nd, Hayes expressed his intention to increase his investment in Pendle. He stated, “I’m buying Solana and doggie coins (memecoins) for momentum trading positions. For longer-term sh*tcoin positions, I’m increasing my allocations in Pendle and will identify other tokens that are ‘on sale.’ I will use the remainder of May to expand 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.”
Hayes also believes that Bitcoin (BTC) could experience sideways trading until August. He said, “A rally to above $60,000 and then range-bound price action between $60,000 and $70,000 until August.”
At the time of writing, Pendle is trading at $4.96, reflecting a decrease of over 3% in the last 24 hours.
