PENDLE, the native token of Pendle, a real-world asset (RWA) tokenization platform, may be steady at press time. However, looking at CoinMarketCap data, the token is up 130X from its November 2022 lows and 41% from all-time highs registered in 2024.

Whales Sending Tokens To Binance

As prices cool off, there are emerging concerns. According to trackers, the Pendle Foundation, tasked with promoting the RWA platform, has been offloading tokens. At the same time, Arthur Hayes, the co-founder of BitMEX, one of the first crypto perpetual trading platforms, is selling.

Specifically, over the last three weeks, a big chunk of PENDLE transfers have been moved to Binance, the world’s largest crypto exchange, a net negative for sentiment.  

On September 16, the foundation’s governance wallet moved 600,000 PENDLE worth over $2.4 million to Binance. Over the past year, the wallet has moved 3.72 million PENDLE worth over $11.95 million to Binance.

Meanwhile, Spot on Chain has also picked out transfers from Hayes. On September 24, the BitMEX co-founder deposited 240,000 PENDLE worth over $958,000 to Binance. Over the last four days, Hayes has moved more than $6.5 million of the token to Binance.  

Hayes is one of the PENDLE whales. Although there is no direct proof that the former BitMEX executive has been selling, moving tokens to Binance could signal his intention to sell.

Currently, Hayes owns over 253,00 PENDLE worth nearly $990,000. This holding represents around 4% of his overall crypto portfolio.

PENDLE Up 100% From August Lows, Will Whales HODL?

Despite the exchange transfers, the token continues to shake off Q3 2024 weaknesses. Buyers are back in the equation after sinking to as low as $1.7 in early August.

At press time, the token is up 100% from August lows, and buyers are bent on reclaiming the April 2024 highs at around $7.2. For the uptrend to remain, buyers must hold steady above $3.5, or August highs, and sustain the current upside momentum.

Looking at the daily chart, bull bars are banding along the upper BB–a volatility indicator–suggesting that the underlying momentum is strong.

If buyers build on this, PENDLE could register fresh all-time highs, incentivizing more whales to HODL. Currently, CoinMarketCap data shows that over 58% of all tokens in circulation is held by whales.

Maelstrom, the family office of former BitMEX CEO Arthur Hayes, has awarded Jon Atack a one-year Bitcoin developer grant. He is the second recipient of Maelstrom’s grant program supporting open-source Bitcoin developers.

Jon is an experienced contributor to Bitcoin Core, having started in 2019. He was also recently made a maintainer of Bitcoin Improvement Proposals (BIPs).

In a statement, Arthur Hayes said, “We hope this financial support allows Jon to focus on his work on Bitcoin without worrying about income.” He emphasized the grant’s no-strings-attached nature, giving Atack freedom to work independently.

Bitcoin’s open-source codebase depends on voluntary developers, so grants help enable more contributors to work full-time. Proponents believe having more funded developers benefits Bitcoin’s ecosystem.

Jon said, “I’m concerned about human freedom, decentralization of power, individual empowerment, privacy and self-sovereignty. Bitcoin and open source software play a key part in striving for these causes.”

He plans to spend the year reviewing proposals and changes to improve Bitcoin Core and BIPs. Jon stated, “Bitcoin isn’t perfect. It needs further decentralization, continued vigilance, review, bug-fixing, updates, maintenance, and improved robustness, performance, privacy, scaling, documentation and user experience.”

Maelstrom aims to strengthen Bitcoin through no-strings grants to developers like Atack. Simultaneously, he is also receiving funding from another organization, OpenSats.