BitMEX co-founder and cryptocurrency leader Arthur Hayes recently announced that his family office fund Maelstrom Fund has reduced its position in PENDLE, a token focused on crypto interest rate derivatives.

Hayes noted that Maelstrom Fund, among other funds, purchased 392,911 PENDLE tokens at an average price of $5.60 between May 20 and June 21. However, the fund recently sold 350,000 PENDLE tokens at a loss, a move that has garnered attention in the crypto community, especially considering Hayes’ strong support for the asset.

Despite his position in the asset, Hayes noted that PENDLE remains one of the largest holdings in the Maelstrom Fund’s portfolio. He said he believes in the token’s long-term potential, saying:

“As you can see, Maelstrom Fund is reducing its PENDLE position. Even after the reduction, it is still one of our largest positions. We still fully believe that PENDLE will be a leader in crypto interest rate derivatives and we plan to profit from their success.”

The sale was reportedly made to fund a “special occasion,” but Hayes kept the details secret.

*This is not investment advice.