🌎 Pendle Surges After Arthur Hayes’ $5.62M Sell-Off

On-chain data reveals a significant influx of Pendle into whale addresses shortly after Arthur Hayes, co-founder of the BitMEX crypto exchange, sold the asset.

Arthur Hayes’ Pendle Sell-Off

Lookonchain reported that Hayes sold 1.59 million Pendle for $5.62 million last week, resulting in a $1.29 million loss for the former CEO of BitMEX.

Arthur Hayes sold 1.59M $PENDLE for $5.62M at an average price of $3.52 over the past 2 days. After his sell-off, the price of $PENDLE surged by 24%, making the 1.59M $PENDLE worth $6.91M now. His sell-off resulted in a loss of ~$1.29M!

Hayes deposited and sold the Pendle tokens on Binance, the largest cryptocurrency exchange by trading volume.

Increased On-Chain Movements

Since the selloff, Pendle has seen increased on-chain movements from large holders. Data from IntoTheBlock indicates that the token’s whale net flows changed from 366,310 PENDLE in outflows to 436,860 Pendle in inflows on Saturday, September 21.

Whale Accumulation

The indicator shows that large holders accumulating Pendle have outweighed those selling the asset.

Decline in Large Transactions

Meanwhile, the number of large transactions, each consisting of at least $100,000 worth of Pendle, declined from 30 to 17 on the same day, according to ITB data.

However, the volume of large transactions has steadily increased since September 19. This suggests that only a few of the largest PENDLE holders may have accumulated the token after Hayes sold most of his holdings.

Current Market Status

Pendle has gained 28% in the past 24 hours and is trading at $4.29 at the time of writing. The asset’s market cap is approximately $690 million, with a daily trading volume of $380 million.