Arca-linked wallet accumulates over $8.3M in PENDLE, signaling institutional interest despite recent market volatility.
PENDLE sees 87% ownership by large holders and a 0.71 Bitcoin correlation, exposing it to price movement risks.
Despite June’s rebound to $4,500, PENDLE trades at $3,645 as momentum slows and trading volume trends downward.
Spot On Chain revealed growing institutional activity in PENDLE. Wallet 0xaA3, likely linked to Arca, withdrew 1.349 million PENDLE (worth $5.38 million) from Binance within the past five hours at the time of report. Over the last six days, the same wallet accumulated 2.183 million PENDLE, totaling $8.31 million in value. This shows an institutional accumulation trend. The wallet sits on an estimated unrealized gain of $100,000, suggesting a tactical entry at an average price of $3.81. This aggressive accumulation points to renewed institutional conviction in PENDLE's long-term value.
Concentration and Holder Behavior Raise Volatility Concerns
According to IntoTheBlock data, 31% of PENDLE holders are in profit. Meanwhile, 11% are breaking even, and 59% remain in losses. This distribution indicates that most holders bought during higher price periods. Hence, many are likely waiting for a rebound.
Additionally, ownership concentration stands at 87%, controlled by large holders. This high concentration signals potential volatility risks. A shift by a few major players could sway price movements. Moreover, PENDLE maintains a strong 0.71 correlation with Bitcoin. Any directional moves by BTC strongly influence PENDLE’s trajectory.
Trading Patterns Reflect Classic Crypto Cycles
Looking back, PENDLE has shown volatile trading activity since September. Price began climbing in October, seeing a rise from $3,000 to $4,000. Momentum intensified in November, pushing prices past $5,000. December was the peak as PENDLE soared to $7,500.
Source: TradingView
However, a dramatic correction followed. Prices dropped by over 70% to around $2,200. February established a base between $2,000 and $2,500. From March to May, the token traded in a tight $2,500–$4,000 range. This period showed reduced momentum, with MACD indicators staying mostly negative.
In June, PENDLE rebounded toward $4,500 before slipping again. It now trades at $3,645, down 6.23% in recent sessions. Moreover, the accumulation/distribution line remains stable at 60.69 million. Despite the slight MACD histogram recovery, signal lines remain below zero.
Large transactions averaged $80.18 million in the past week. However, there’s a subtle decline in this figure. Additionally, Telegram membership shrank slightly by 0.07%. Hence, community momentum appears stable but stagnant.
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