On-chain data shows that a leading institution (suspected to be a well-known Web3 investor) has been very active over the past few months. From March to September, they continuously bought PENDLE at an average price of $2.98, accumulating a total of 4.114 million tokens with an investment of approximately $12.26 million.



Things took a turn in the last 8 hours.

This massive amount of tokens was fully transferred to FalconX. At the same time, the trading price of PENDLE has dropped to $2.19, meaning that the current unrealized loss on this investment has reached $3.25 million.

This has sparked some market speculation. Why is the institution moving this position now? Are they forced to cut losses, or are they preparing for some structured trading? Where will the funds flow next? This becomes particularly worth watching. Future on-chain movements may provide answers.
PENDLE-1.72%
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