Pendle Finance Ecosystem Fund Deposits 600K $PENDLE ($1.64M) to Binance, Signaling a Potential Market Move

Pendle Finance's Ecosystem Fund deposited 600K $PENDLE ($1.64M) to #Binance ~11 hours ago. So far in 2024, the fund's address has moved a net amount of 4M $PENDLE ($11.2M) to CEXs

Pendle Finance’s Ecosystem Fund has once again transferred a large amount of tokens, this time depositing 600,000 PENDLE, valued at $1.64 million, to Binance.

This move is part of a larger trend in 2024, where the Ecosystem Fund has deposited a net total of 4 million PENDLE, worth $11.2 million, into various centralized exchanges (CEXs).

According to a recent analysis by X, past transfers to Binance from the Ecosystem Fund have often been followed by price increases in the days afterward.

For instance, a large deposit was made to the exchange on June 27, coinciding with a subsequent rise in $PENDLE’s price from $2.68 to $3.12 by July 3.

Afterward, the fund withdrew 1 million PENDLE from Crypto.com on July 10, at a price of $3.42 per token, totaling $3.42 million.

Since January 3, the fund has transferred 5 million PENDLE to Binance at an average price of $2.92, totaling $14.6 million. However, not all transactions have been deposits.

The fund still holds a significant 18.56 million PENDLE, valued at $50.86 million, at the time of writing.

As reported by X, these transactions appear to be part of a strategy by Pendle Finance to ensure adequate liquidity for PENDLE on CEXs.

The fund’s large holdings and measured approach to market timing could influence substantial price movements for PENDLE in the future.

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