Is it time to sell as Arthur Hayes unstakes almost 10M in Pendle

Arthur Hayes, one of the founders of BitMEX and a prominent figure in the crypto community, recently unstaked 1.55 million Pendle (PENDLE) tokens valued at $9.41 million.
This move has raised concerns within the community about a potential price drop, as Hayes still holds 1.69 million tokens.
Having purchased the tokens at an average price of $2.24 each, Hayes currently stands to make an unrealized profit of approximately $6.46 million.
The unstaking of the PENDLE tokens has triggered discussions and worries among crypto enthusiasts, with many expressing bearish sentiments towards the shift in Hayes’ funds.
On the other hand, another user offered a different viewpoint, pointing out that Hayes had acquired more PENDLE tokens just five days earlier at an average price of $6.15.
PENDLE is a decentralized finance (DeFi) token linked to Pendle Finance (Pendle.fi), a platform that enables users to tokenize and trade future yields.
Hayes has previously shown support for Pendle.fi, endorsing the project in the DeFi sector and highlighting its potential as a significant derivative exchange.
Before the unstaking of his tokens, the price of PENDLE had reached a peak of around $6.30 on June 6. Following the unstaking transaction around 10:00 am UTC, the price remained above $6. Currently, the price stands at $5.97, reflecting a decrease of approximately 2% in the last 24 hours.
Hayes had predicted a bottom for Bitcoin (BTC) on May 3, suggesting that the market would gradually recover in the coming months. At the time of his prediction, the price of BTC was $59,804, which is nearly 20% lower than the current price of $71,169.
For more insights on becoming a Bali crypto digital nomad like Hayes, check out the magazine article below.