$PENDLE Price Rallies 12% as Buyers Absorb Whale's Pressure

Pendle's [$PENDLE] price broke out of its downtrend after a significant whale transfer to Binance without staking. The whale had previously withdrawn $1.338 million worth of tokens from Bybit across six months and held a 5x leveraged short position, valued at an open price of $1.52.

The transfer initially raised concerns about increased supply pressure, but Pendle's price instead rallied by 12.47% in response to the whale's move, with trading volume growing by 121.41% to over $53 million.

A three-day streak of negative Spot Netflows on tracked spot exchanges indicated that broader holders were not following the whale toward exchanges during Pendle's recovery, instead keeping tokens away from trading venues. This narrative is further supported by aggressive spot buying remaining dominant.

The rising Open Interest (OI) in derivatives also added fuel to the emerging demand situation, with a significant increase of 8.46% to $57.11 million reflecting new leveraged interest in the price rise.