Arthur Hayes, co-founder of BitMEX, has recently reduced his holdings in the decentralized finance (DeFi) protocol Pendle Finance (PENDLE). He bought 392,911 PENDLEs at about $5.6 between May 20 and June 21, and sold 350,000 PENDLEs at a loss yesterday.
Hayes says that he is still a big believer in PENDLE and that he plans to profit off of its success. He has reduced his position to fund a special situation, which he will reveal in the near future.
It is important to note that Hayes is selling his PENDLE at a loss. This could be a sign that he is concerned about the future of the protocol. However, it is also possible that he is simply raising funds for another investment opportunity.
