Pendle crypto rallies 12% despite whale transfer to Binance

Pendle (PENDLE) experienced a 12.47% rally alongside a 121.41% increase in trading volume, reaching approximately $53.13 million. This price movement occurred despite supply pressure caused by a whale transferring $1.28 million worth of tokens to Binance.

While large exchange deposits typically signal potential selling pressure, the market demand absorbed the supply threat. This recovery was supported by a three-day streak of negative spot netflows, indicating that aggregate holders have been withdrawing tokens from exchanges rather than depositing them. Additionally, open interest rose by 8.46% to $57.11 million, reflecting increased interest from derivative traders.