BitMEX co-founder Arthur Hayes has generated speculation by altering his trading strategy. Lately, he has been observed selling off his PENDLE holdings, despite previously praising the cryptocurrency in recent months. He has now shifted his attention towards the DePIN project, Aethir (ATH).
The reasons behind this shift in trading strategy and its impact on token prices are being analyzed. Hayes has sold 1.595 PENDLE tokens, valued at approximately $5.61 million, over the last three days. Following this, he acquired 16.478 million Aethir (ATH) tokens, valued at around $1.02 million, from various exchanges, making it his second-largest holding. His wallet currently holds 493,463 PEN and 62.257 million ATH tokens.
Several factors may have influenced Hayes’ decision to diversify his portfolio, including his interest in DePIN projects and the overall market rebound. Hayes has expressed confidence in the ATH project, evident from his accumulation of ATH tokens since mid-August.
Moreover, Hayes’ family fund, Maelstrom, has invested in the Aethir project, reflecting their long-term support for the cryptocurrency. Additionally, market trends and the recent Fed rate cut have spurred Hayes to acquire altcoins like ATH, anticipating growth potential.
The price movements of ATH and PENDLE tokens reflect Hayes’ influence, with ATH prices rising over 2% while PENDLE prices dipped by 4.5%. Despite selling off PENDLE tokens, Hayes remains optimistic about its future success in the crypto interest rate derivatives sector. Hayes has also expressed interest in memecoins, particularly dog-themed coins, amidst the broader crypto market recovery.