A significant pattern of accumulation has emerged surrounding the DeFi protocol PENDLE.

An unknown whale or institutional entity is amassing large quantities of the token, and many analysts view this as a calculated long-term play. In fact, over the past month, the entity has not only been buying PENDLE but also removing it from centralized exchanges (CEXes) — in this case, Binance.

Overall, a massive deficit is appearing on CEXes. And because this play involves a DeFi protocol, it’s worth noting that the tokens are not being sent back to anyone involved with Binance.

As per the data from on-chain tracking, the unidentified purchaser commenced their procurement frenzy around the close of March 2025 and has been unfaltering in broadening their stake since then. The most recent action undertaken by this entity saw them extract yet another 538,000 PENDLE tokens, approximate worth being $1.83 million, from the Binance exchange within a mere half-hour. This is not an isolated event but a clear continuation of a longer-lasting trend where our mysterious buyer has been withdrawing funds from the market.

A Steady March to $11 Million

During this 30-day window, the whale has made a planned series of token sales through six different addresses. Overall, 3.702 million PENDLE tokens have been procured, with an approximate total price of $11.04 million. The average price of these tokens, taken at the time of their purchase and spread over the course of the sale, works out to about $2.98.

PENDLE is currently in the market for accumulation, with its present average price at about 14% above the average buy-in price. On the surface, this would suggest that PENDLE’s accumulation period is not a profitable one. Yet, in fact, it’s working out very well for a PENDLE “whale.” This imaginary character now holds PENDLE tokens worth around $1.55 million more than he did a while back, and he got them for prices around 14% lower than he would pay now, on average.

Despite showing strength in its recent price action, PENDLE is still standing out because of the consistency and scale of its accumulation. Instead of conducting short-term, speculative trades, it seems a whale is now executing a long-term, conviction play with PENDLE. And that raises the question: Why?

What Does This Mean for the Market?

This kind of behavior — sustained withdrawal of tokens from exchanges — is often interpreted as a bullish signal. When investors move tokens off exchanges, especially in large quantities, it typically suggests a desire to hold those assets securely in self-custody rather than keeping them readily available for trading. In the case of PENDLE, the move hints at a high level of confidence in the project’s long-term potential.

PENDLE has gained popularity in recent months because of its distinctive method of yield tokenization and fixed income in DeFi. As the story around real yields and protocol-native utility becomes stronger in the decentralized finance sector, projects like PENDLE are once again attracting investor interest. This uptick in whale activity could be an indication that some of the more sophisticated DeFi players are positioning themselves ahead of potential product releases, protocol upgrades, or just plain DeFi sector momentum.

A different angle is what happens to supply. When lots of a token are taken out of circulation on trading platforms like Binance, that platform has effectively reduced the amount of that token available to trade. This creates a kind of localized scarcity that can push prices up if demand is at least steady.

Institutional Interest or Insider Bet?

The accumulation’s identity is unknown. Yet the scale and precision of the activity suggest a well-capitalized individual or an institution with deep conviction. The use of multiple addresses and systematic buying strategies points to a high degree of sophistication. Whether this is early institutional positioning or a deeply researched individual bet, it underscores the seriousness with which large market participants are now treating DeFi tokens, like PENDLE.

Watch out for PENDLE in 2025. It’s not just about product development; it’s the capital accumulation around it that speaks volumes. The past few months have seen a renewed wave of PENDLE accumulation. Is this the leading edge of something larger unfurling — or is it a smart play ahead of the next market volatility wave?

At the moment, one thing is obvious: an individual or group is placing large bets on PENDLE, and they have no plans to reverse course or cash out.

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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