Data shows that large investors began actively buying the Pendle token a day after its significant sell-off by Arthur Hayes, co-founder of the BitMEX crypto exchange.
Arthur Hayes' Actions
According to Lookonchain's post, Hayes sold 1.59 million Pendle for $5.62 million. This transaction brought the former BitMEX CEO a loss of $1.29 million.
Market Reaction
Data shows that Hayes deposited and sold the Pendle tokens on Binance, the largest cryptocurrency exchange by trading volume. Following his sell-off, the market saw increased on-chain movements of Pendle among large holders. According to IntoTheBlock data, the token's net whale flows shifted from an outflow of 366,310 PENDLE to an inflow of 436,860 PENDLE.
Current Situation
The indicator shows that large holders accumulating Pendle have dominated whales selling the asset. The number of large transactions consisting of at least $100,000 worth of Pendle declined from 30 to 17 on the same day. Meanwhile, the volume of large transactions has steadily increased since Sept. 19. As a result, only a few of the largest PENDLE holders might have accumulated the token after Hayes sold most of his holdings. At the time of writing, Pendle gained 28% in the past 24 hours and is trading at $4.29.
Active whale movements could usually bring high price volatility to a cryptocurrency as many holders aim for short-term profits.
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