The post Top 3 Reasons Why Arthur Hayes Selling PENDLE For ATH Token appeared on BitcoinEthereumNews.com.

BitMEX co-founder Arthur Hayes has fueled speculations with his latest shift in the trading strategy. Recently, he has been seen offloading his PENDLE holdings, after praising the crypto over the past few months, while shifting his focus towards the DePIN project, Aethir (ATH). So, here we take a look at the potential reasons behind his recent shift in trading strategy and how it has impacted the tokens’ prices. Why is Arthur Hayes Selling PENDLE For ATH Token? According to Spot On Chain, BitMEX co-founder has offloaded 1.595 PENDLE, worth around $5.61 million, over the last three days. Notably, Arthur Hayes has dumped the token to top crypto exchanges Binance and Bybit. At the same time, he accumulated 16.478 million Aethir (ATH) tokens, worth around $1.02 million, from OKX, Bybit, and KuCoin, through the wallet “0x75b”. Spot On Chain reported that he now currently holds 493,463 PEN, worth around $1.98 million, marking his third-largest holding with an estimated profit of about $1.15 million. On the other hand, ATH became its second-largest holding, with a total of 62.257 million tokens, valued at $4.1 million. Here are the top reasons that may have influenced the shift in his trading strategy. Arthur Hayes Diversifying Portfolio It appears that the BitMEX co-founder is diversifying his portfolio with this altcoin accumulation. The latest shifting strategy reflects the growing focus of Hayes on the DePIN projects, amid a rebound in the broader crypto market. In a recent X post, he maintained his backing for the PENDLE crypto, but said that he had reduced the position to fund a “special situation”. It appears that he has indicated that Aethir is the new project that he is shifting his focus towards. It’s worth noting that he has started accumulating the ATH token since mid-August, indicating his confidence in the…

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Filed under: News - @ September 23, 2024 9:17 pm