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Pendle Foundation, BitMEX Co-Founder Moving PENDLE To Binance—What’s Going On?

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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.  

Pendle Foundation moving tokens to Binance | Source: @OnchainLens via X

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.  

Arthur Hayes selling | Source: @spotonchain via CoinMarketCap

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.

PENDLE price moving upward on the daily chart | Source: PENDLEUSDT on Binance, TradingView

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.



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Arthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025

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In a recent podcast, crypto experts Murad Mahmudov and Arthur Hayes shared their insights on the evolving roles of meme coins, DeFi, and AI tokens. The experts highlight significant shifts and predict how these assets may function by 2025. Besides, they also discussed the ways in which the crypto space is evolving, with meme coins and DeFi tokens acting as distinct financial instruments with varying purposes and trajectories in the market.

Murad & Arthur Hayes On DeFi And Meme Coin

Murad Mahmudov, known for his analysis of crypto market cycles, expressed skepticism about the idea of a “DeFi Renaissance” spurred by potential future US policies under the Trump Presidency. In a recent podcast, Mahmudov argued that most DeFi protocols prioritize their own growth over distributing revenues to stakeholders. Arthur Hayes also echoed a similar sentiment, predicting a minor impact of Trump’s win on the crypto space in the longer run.

He stated, “A lot of people have been arguing that Trump Victory is going to kind of bring about DeFi Renaissance or whatever, but I remain skeptical.” He sees DeFi tokens as often being speculative, deriving a large portion of their value from community-driven narratives rather than intrinsic financial performance.

Talking about meme coins, Mahmudov sees the niche to be gradually becoming a sort of “purification mechanism” in the crypto space. He suggested that as the market matures, meme coins and DeFi tokens will diverge into two distinct categories: cash-flow coins, which are serious, revenue-oriented, and likely to appeal to institutional investors, and meme coins, which retain speculative and community-driven appeal.

“In the future, meme coins will continue to absorb community and speculative premiums,” he said. Besides, he added that this separation will help legitimize cash-flow coins in the eyes of more traditional financial analysts. Meanwhile, Murad has shortlisted top meme coins like DOGE, FLOKI, and SHIB to benefit the most in the coming days.

However, BitMEX co-founder Arthur Hayes has a different and more opportunistic perspective on meme coins. Rather than holding long-term, he views these assets as trading instruments with quick in-and-out opportunities. “Meme coins are fun to trade because you don’t need to understand cash flows or tech,” Hayes commented. For him, the appeal lies in viral appeal. This speculative approach, according to Hayes, allows him to capitalize on the short-term hype while minimizing long-term risk exposure.

AI Coins In Focus

The conversation also covered the rise of AI meme coins, such as GOAT, which Arthur Hayes views as noteworthy due to their pioneering status. While Murad sees AI-based meme coins as potentially fleeting, since rapid AI advancements could quickly make certain tokens obsolete, Hayes believes owning the original and widely recognized AI token could be valuable.

Hayes explained he would invest in the token as the market is talking about it. Besides, the GOAT crypto has also gained notable attention lately, as evidenced by the robust surge in its price. However, both experts raised caution for the long-term viability of tech-driven crypto tokens amid AI advancements.

Mahmudov argued that AI will accelerate code commoditization, making it harder for purely technological tokens to retain value. Instead, he believes that tokens grounded in “human faith, community, and belief” will endure, highlighting his preference for BTC and established meme coins over tech-reliant assets.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Arthur Hayes

Arthur Hayes's Family Office Funds Another Bitcoin Core Developer

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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.



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Arthur Hayes

Whales buy Pendle after BitMEX co-founder sold it for a loss

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On-chain data shows a large amount of Pendle inflow into whale addresses a day after Arthur Hayes, co-founder of the BitMEX crypto exchange, sold the asset.

Lookonchain’s X post shows that Hayes sold 1.59 million Pendle (PENDLE) for $5.62 million last week. This brought a $1.29 million loss to the former CEO of BitMEX.

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

Since the selloff, Pendle witnessed increased on-chain movements from large holders. According to data provided by IntoTheBlock, the token’s whale net flows shifted from 366,310 PENDLE in outflows to 436,860 Pendle in inflows on Saturday, Sept. 21.

Whales are buying Pendle after BitMEX co-founder sold it for a loss - 1
PENDLE large holder net flows – Sept. 22 | Source: IntoTheBlock

The indicator shows that large holders accumulating Pendle have dominated the whales selling the asset. 

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

On the other hand, the volume of large transactions has steadily increased since Sept. 19. In simple terms, only a few of the largest PENDLE holders might have accumulated the token after Hayes sold most of his holdings.

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

Whales are buying Pendle after BitMEX co-founder sold it for a loss - 2
PENDLE price – Sept. 22 | Source: crypto.news

Notably, whale-dominated movements could usually bring high price volatility to a cryptocurrency as many holders will try to aim for short-term profits.



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