• Arthur Hayes deposits $1.26M PENDLE, and retains $5.93M unlocked tokens.

  • PENDLE hits 8-day high amid market recovery and whale activity.

BitMEX co-founder Arthur Hayes made a significant move in the crypto market, depositing 350,010 tokens ($1.26 million) to Binance and Bybit within the past hour. Hayes still holds 1.66 million PENDLE ($5.93 million) in Pendle Finance, with these tokens now unlocked and available for sale. His estimated profit from it stands at $1.09 million (+18.2%).

Arthur Hayes(@CryptoHayes) sold 350K $PENDLE($1.26M) at a loss in the past hour.He bought 392,911 $PENDLE($2.2M) at ~$5.6 through #Wintermute from May 20 to June 21.3 months later, $PENDLE dropped by over 40%, prompting him to sell at a total loss of $790K (-36%).… pic.twitter.com/muuiX67m9M

— Lookonchain (@lookonchain) September 20, 2024

This follows a notable transaction from June 11, when a dormant whale transferred 755,000 PENDLE ($3.83 million) to Binance. The whale still controls 4.27 million PENDLE ($21.7 million), with a massive unrealized profit of $22.8 million (+843%). Around the same time, Hayes had locked 1.65 million PENDLE ($8.4 million) until September 5, with an unrealized profit of $4.31 million (+113%).

Meanwhile, PENDLE is currently trading at $3.54, up 3.27% in the last 24 hours, despite a 7% dip in trading volume. The token has hit an 8-day high, benefitting from a broader market recovery, as total market capitalization has increased by 2.67%, while trading volume dropped by 6%.

What is Ahead For PENDLE?

PENDLE has emerged as one of the top-performing real-world asset (RWA) tokens. This comes as Donald Trump gears up to launch ‘World Liberty Financial’ (WLFI), a decentralized finance (DeFi) protocol, on September 16. WLFI aims to digitize real estate, positioning itself in the RWA sector, and potentially challenging its momentum.

Looking ahead, it faces resistance at $3.86 and $4.03. A bullish surge could propel its price higher, while a bearish reversal may push it down to $3.10, with support at $2.96. With a daily Relative Strength Index (RSI) of 61, the market is nearing overbought conditions, leaving traders on edge as they watch for further price action.

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