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Today, on June 6, 2024, the overall <a href="https://news.todayq.com/uniswap-price-falls-5-after-whale-dumps-7-mln-of-uni-token-report/" rel="noopener noreferrer nofollow">cryptocurrency market</a> is struggling to gain momentum, including top cryptocurrencies like Bitcoin, Solana, and Toncoin. Amid this, Arthur Hayes’s recent actions have gained everyone’s attention. Recently, the on-chain analytic firm Lookonchain made a post on X, where they highlighted that a prominent trader and co-founder and ex-CEO of BitMEX, Arthur Hayes, an hour ago unstaked his major PENDLE holding worth $9.41 million. Arthur Hayes unstake $9.41 million of PENDLE token 
This massive unstaking by Hayes might be a sell-off signal for the PENDLE token. However,Lookonchain also highlighted that currently, Hayes holds a massive 1.69 million PENDLE tokens worth $10.26 million, with an average buying price of $2.24. The reason behind this potential sell-off is Hayes’s unrealized profit of $6.46 million in PENDLE tokens. 
There might be a possibility that Hayes may sell and book the profit in PENDLE tokens. If he does this, then we may see a massive price drop in the token price. As of writing, the PENDLE token is trading near $6. During Asian trading hours, it was positive, but after Hayes’s unstaking, the price fell by 2%. Looking at the performance of PENDLE over a longer period, in the last 7 days, PENDLE has been struggling and experienced a 3.5% price fall. However, in the last 30 days, PENDLE experienced a 20% upside move.
Following the approval of a spot Ethereum ETF (Exchange Traded Fund) in the United States by the SEC (Securities and Exchange Commission), crypto whales massively accumulated PENDLE tokens as it is built on the Ethereum blockchain. However, Arthur Hayes changed the market sentiment for the PENDLE token after he unstaked his massive holdings. PENDLE technical analysis and key-levels 
According to expert technical analysis, PENDLE is looking bearish and currently is at a crucial support level. If we look at the chart of PENDLE on a daily time frame, the formation of a bearish head and shoulders price action pattern is observed. The $5.8 level is a neckline. If the PENDLE daily candle closes below the $5.7 level, then there is a high chance the token will fall massively and may experience a 10% price drop.
Other top cryptocurrencies like Bitcoin, Solana, Toncoin, and Dogecoin also experienced a decent price drop of 1% in the last 24 hours.

Arthur Hayes unstake $9.4 mln of PENDLE tokens, Is this a sell-off signal?

Todayq News

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