Compass Investments

– Arthur Hayes sold Pendle for $350,000 at a 36% loss, making $790,000.

Pendle has partnered with Solve Protocol to strengthen its position in the DeFi sector.Although the market downturn has hamstrung investors, Pendle’s innovations show potential for future growth.

Arthur Hayes, co-founder of BitMEX, sold 350000 PENDLE tokens today at a loss of $126 million. The sale gave Hayes a 36% loss, totaling $790,000.

he originally bought 39,2911 PENDLE tokens between May 20 and June 21 at a price of $5.6 per token. However, when their value fell by more than 50% , Mr. Hayes was forced to sell them at a loss. Before the sale, Mr. Hayes moved the tokens to the exchanges Binance and Bybit.

the last 24 hours, Pendle (PENDLE) traded at $3.55, up 2.555% . The price of the token also fluctuated moderately from a low of $3.34 to a high of $3.65.

With a market capitalization of $564.56 million, Pendle ranks 105th in market capitalization. Trading volume in the last 24 hours totaled a staggering $78.12 million. However, this is down 4.37% from the previous day. The market capitalization to market cap ratio was 13.90% , indicating active trading in the market.

consumer sentiment continues to improve: 88% of respondents are bullish on PENDLE, while 12% are bearish. This suggests that confidence in the market’s growth remains, regardless of volatility.

However, even if PENDLE faces volatility in the market, it cannot stop the further development of decentralized finance (DeFi). On September 19, PENDLE announced a partnership with SolvProtocol and Corn.

The goal of the partnership is to float SolvBTC.BBN. This is a liquid stryubcoin token that will launch next December; SolvProtocol will create a decentralized bitcoin reserve and Corn will create a tier 2 solution for Ethereum.

The SolvBTC tokens.BBN will be implemented on a number of DeFi platforms, improving adaptability and ease of use in the fast-growing BTCFi community Pendle has already attracted attention with its DeFi-related work.

Pendle facilitates direct trading of future returns. This means that asset ownership and future income are no longer intertwined, allowing for more flexible transactions. This innovation has made the company one of the leaders in the DeFi industry, and integration with SolvProtocol and Corn is expected to add even more functionality to the platform.

Hays’ decision to sell PENDLE may have been prompted by the realization that the token’s price had fallen dramatically in recent months, with the token falling 52.99% in April 2024 after hitting a high of $752.

coupled with increased market volatility, this would have led Hays to sell its Pendle shares at a 36% loss. Such sales also occur when central bank actions, particularly interest rate cuts by the U.S. Federal Reserve, come into focus. As Hayes noted earlier, such rate cuts could increase uncertainty in risk assets, including cryptocurrencies.

We believe this trend is likely to exacerbate current market conditions where rate cuts have occurred. Nevertheless, Pendle continues to grow its ecosystem with the DeFi solution. The fact that the platform is built on tokenizing future revenue could lead to long-term value growth.