Also known at the Chinese Button Knot. It looks like they put on the beads and then tied the knot and fed the loose ends back through the knot after wrapping around the keychain and heat fused the ends. Structurally that’s much weaker than if you lark’s head (ring hitch) to the keychain, tie a button knot there, string your beads and finish with another button knot or heat fuse the ends inside your last pony bead.
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