Apparently this Pokémon is born when a departed spirit inhabits a sword. It attaches itself to people and drinks their life force.
If anyone dares to grab its hilt, it wraps a blue cloth around that person’s arm and drains that person’s life energy completely.
Honedge’s soul once belonged to a person who was killed a long time ago by the sword that makes up Honedge’s body.
The blue eye on the sword’s handguard is the true body of Honedge. With its old cloth, it drains people’s lives away.
— Pokédex entries (via PokeAPI)