Pendle Finance’s Ecosystem Fund has made another significant transfer, depositing 600,000 PENDLE tokens, valued at $1.64 million, to Binance.

This move is part of a broader 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).

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; on July 10, the fund withdrew 1 million PENDLE from Crypto.com at $3.42 per token, amounting to $3.42 million.

$PENDLE Shows Strength Despite Recent Happenings 

Interestingly, the price of PENDLE typically experiences a slight dip following these deposits, but it quickly rebounds, reflecting a resilient market response. As of now, the Pendle Finance Ecosystem Fund still holds a substantial 18.56 million PENDLE, valued at $50.86 million.

A recent report on X highlighted that past transfers to Binance from the Ecosystem Fund have often been followed by price increases in the days afterward. This pattern suggests that these strategic deposits could be positioning Pendle for favorable market movements.

Overall, Pendle Finance’s calculated approach to managing its Ecosystem Fund indicates a careful balancing act of liquidity and market timing. With significant holdings still in reserve, it will be interesting to see how future transactions unfold and their impact on PENDLE’s market performance.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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