Key Points
- Arthur Hayes sold 1.59 million Pendle at a $1.29 million loss.
- Whales started buying Pendle right after Hayes’ sale.
- Whale net inflows surged to 436,860 Pendle on Sept. 21.
- Pendle price jumped 28% in 24 hours, reaching $4.29.
Whales buying Pendle after Arthur Hayes sells has caused a stir in the crypto world. After the BitMEX co-founder sold 1.59 million Pendle, taking a $1.29 million loss, whales swiftly moved in, accumulating the token and causing a surge in its price.
This unexpected move sent shockwaves, but it quickly led to a surge in whale interest, causing a notable price spike in Pendle.
Arthur Hayes(@CryptoHayes) 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!https://t.co/HNWw2RiuDO pic.twitter.com/IWvDTrc0Qt
— Lookonchain (@lookonchain) September 22, 2024
Whales Buying Pendle After Arthur Hayes Sells
The action started after Arthur Hayes, known for his leadership at BitMEX, sold his Pendle holdings. He offloaded 1.59 million Pendle tokens on Binance, the largest crypto exchange.
The sale resulted in a considerable loss, with Hayes walking away $1.29 million poorer from the trade.
However, this sell-off didn’t go unnoticed. Shortly after the sale, whale activity spiked. On-chain data showed a significant shift in whale behavior, with net inflows of Pendle into whale wallets rapidly increasing.
IntoTheBlock data revealed that whale net flows went from an outflow of 366,310 Pendle to an inflow of 436,860 Pendle by September 21st.
Whale Accumulation Drives Pendle’s Price Surge
The dramatic rise in whale buying caught the market’s attention. Despite fewer large transactions on September 21st, dropping from 30 to 17, the total volume of transactions continued to grow.
This suggests that while fewer whales were active, those who were chosen to accumulate large quantities of Pendle, potentially in anticipation of short-term gains.
The rapid buying activity had an immediate impact on Pendle’s price. After Hayes’ exit, the token surged by 28%, reaching $4.29 within 24 hours.
This significant price jump came as whales scooped up the available supply, driving demand and propping up the token’s market cap to approximately $690 million, with daily trading volumes touching $380 million.
Pendle’s Future: Volatility Ahead?
With whales buying Pendle after Arthur Hayes sold, the token’s future could be marked by heightened volatility.
Whale-driven moves often create short-term price spikes, but they can also lead to rapid corrections when large holders decide to sell for quick profits.
As the market watches this new wave of whale accumulation, Pendle traders should be prepared for further fluctuations in price.
The timing of these inflows raises questions about the strategy behind whale activity.
Could whales be betting on Pendle’s long-term potential, or are they simply looking to capitalize on a short-term price recovery?
Only time will tell, but the token’s rapid 28% rebound shows how whale behavior can dramatically influence the market.
For now, Pendle’s price remains buoyed by whale demand, even in the face of a major sell-off by a prominent figure like Arthur Hayes.
As long as large holders continue to accumulate, the market could see more dramatic price movements in the days to come.
