Arthur Hayes Increases Investment in DeFi Project Amid Market Corrections

Investments by prominent figures in cryptocurrencies have always attracted attention. Similar to Elon Musk’s impact on DOGE, a notable event occurred recently between Arthur Hayes and WIF. News of Hayes’ recent purchase has made a significant impact on the market.

Which Altcoin is Hayes Buying?

According to on-chain data, Arthur Hayes, co-founder of BitMEX and increasingly mentioned in recent times, appeared to have added about $500,000 to his seven-figure position in a decentralized finance (DeFi) altcoin project.

According to data from Ethereum (ETH) block tracking system Etherscan, Hayes has purchased over 98,560 tokens from Pendle (PENDLE), a project that helps users tokenize and sell future yields.

According to data provided by Etherscan, Hayes, who also serves as an advisor to the Pendle project, currently holds more than 1,555,697 PENDLE tokens, valued at over $7.7 million.

About 5 days ago, around May 2nd, during a broad crypto market correction, Hayes had stated his plan to increase his investment in Pendle.

I’m buying Solana and doggie coins (meme coins) for momentum trading positions. For longer-term sh*tcoin positions, I’m increasing my allocations in Pendle and will identify other tokens ‘on sale’. I will use the rest of May to increase my exposure. Then, it’s time to set everything and forget, waiting for the market to appreciate the inflationary nature of the latest US monetary policy announcements.

Will Bitcoin Rise?

Hayes also expressed his opinion on BTC. According to the famous investor, it is possible for Bitcoin (BTC) to move sideways until August.

Hayes commented on the matter:

A rally above $60,000 followed by price movement between $60,000 and $70,000 until August.

Looking at the price of Pendle, it was understood that it had traded at $5.04, down 1.40% in the last 24 hours. The market cap of Pendle appeared to have exceeded $1.2 billion.

On the trading volume side for PENDLE, things seemed to be going well. Following a 38% increase, Pendle’s trading volume had surpassed $81 million.