Arthur Hayes Buys $500K in PENDLE: A Closer Look at His $8 Million Portfolio
The post Arthur Hayes Buys $500K in PENDLE: A Closer Look at His $8 Million Portfolio appeared first on Coinpedia Fintech News
The former CEO of Bitmex, Arthur Hayes, is once again in the news with his massive Pendle acquisitions, which were reported just an hour ago. After his latest “Buy in May and G Away” strategy went viral a couple of days back, it looks like Hayes is himself following what he preaches. Let’s dive into his massive Pendle bet.
A pro-Pendle Whale
According to Etherscan, Hayes reportedly purchased 500,000 USDC worth of PENDLE tokens an hour back through Wintermute. Now, Hayes holds a massive 1.555 million PENDLE tokens, valued at $8.08 million. His latest acquisition cost him an average of about $2.02, resulting in a current paper gain of $4.89 million.
It should be noted that this present investment in Pendle follows his previous bet three months ago.
In February 2024, Hayes acquired 500,000 PENDLE tokens at a unit price of $2.57 and transferred them to his wallet, suggesting a long-term interest in the protocol. His February bet on Pendle secured him an unrealized profit of $1.45 million.
Following What He Preaches
In his latest blog post, “Mayday,” Hayes discussed his investment strategy for May, which is now going viral under the name of the “Buy in May and Go Away” approach. This strategy focuses on gaining potential profits in the crypto market during the summer months.
Surely, Hayes’ blog post expressed his belief in Bitcoin and Ether as long-term reserve assets, as well as high-beta altcoins like Solana (SOL), Dog Wif Hat (WIF), and Dogecoin (DOGE). His strategy suggests investors accumulate these assets due to market corrections, when their value is low, and then ‘go away’, that is, to stay dormant, till the market recovers, gains upward momentum, and finally sell the assets with substantial gains.
With its unique approach to tokenizing and trading future yields, Pendle has caught Hayes’s attention. Pendle’s Automated Market Maker (AMM) system seems to help Hayes with his strategic investment approach by capitalizing on market corrections.
While he plans to trade Dogecoin and Solana for “momentum trading positions,” he holds Pendle long-term, indicating a more hands-off approach once his positions are established.
Filed under: Bitcoin - @ May 6, 2024 12:25 pm