BitMEX’s Arthur Hayes Bullish on Dogecoin (DOGE) and Pendle Amid Crypto Downturn

BitMEX Co-founder Arthur Hayes Forecasts Positive Outlook for Dogecoin (DOGE) and Pendle (PENDLE)

BitMEX co-founder Arthur Hayes remains optimistic about Dogecoin (DOGE) and Pendle (PENDLE), expressing bullish sentiments despite the recent market downturn.

Hayes increased his holdings of both assets, affirming his confidence in their growth potential. He locked up $8.4 million worth of PENDLE tokens, a token used to generate rewards in the Pendle platform.

Pendle Protocol and Token Utility

PENDLE enables users to tokenize future yields, granting them the ability to capitalize on future cash flows. Hayes believes that this feature offers significant opportunities for investors.

Hayes's View on Ethereum Competitor Aptos (APT)

Hayes also holds a bullish stance on Aptos (APT), a layer-1 blockchain that he predicts will surpass Solana (SOL) in the coming years.

Expected Surge in Risk Assets

In his blog post "Shikata Ga Nai," Hayes explores the correlation between the US and Japan's economies and its potential impact on the crypto market. He suggests that Japanese banks selling US Treasury bonds (USTs) will compel the Federal Reserve to increase money supply, leading to a surge in risk assets.

Historical Market Performance

Hayes draws parallels between the current situation and the market behavior in 2023, when a steepening UST yield curve prompted bond sell-offs and a significant drop in the S&P 500. However, during that same period, cryptocurrencies experienced a rally driven by the approval of spot Bitcoin ETFs.

In conclusion, Arthur Hayes's bullish sentiment on Dogecoin (DOGE), Pendle (PENDLE), Aptos (APT), and his forecast of a surge in risk assets highlight his continued belief in the growth prospects of the crypto market.