1.7 million PENDLE transferred out in large amounts, coinciding with the hot period of economic model upgrades

According to the latest news, 1.7 million PENDLE tokens (worth approximately $3.6 million) have just been transferred from one anonymous address to another. This transfer occurred only 3 days after the revolutionary economic model upgrade to sPENDLE was launched, amid high market enthusiasm. The large transfer size, coupled with its timing, has attracted market attention.

Transfer Details and Background

Basic Data

According to Arkham data, this transfer took place on January 23, 2026, at 01:19. The specific details are as follows:

• Transfer Size: 1.7 million PENDLE
• Transfer Value: approximately $3.6 million (based on the current price of $2.12)
• Sender Address: anonymous address starting with 0x6b41…
• Receiver Address: anonymous address starting with 0x2697…
• Data Source: Arkham

Current Market Performance of PENDLE

Event Correlation Analysis

Background of the Economic Model Upgrade

This large transfer occurred during a critical period following a major upgrade to PENDLE. According to the latest news, PENDLE officially launched sPENDLE on January 20, replacing the original vePENDLE mechanism. Key changes include:

• Lock-up period shortened from several years to 14 days
• Improved capital efficiency and participation
• Enhanced yield distribution mechanism
• Support for liquidity staking

This upgrade is regarded by industry insiders as an important measure to address the inefficiencies of vePENDLE. The market responded positively, driving PENDLE’s recent continuous rise.

Timing Sensitivity of the Transfer

The transfer occurred during:

• A high point with a 7.53% 24-hour increase for PENDLE
• Only 3 days after the economic model upgrade, with market enthusiasm still high
• During early morning hours (01:19), when liquidity is relatively low
• Coinciding with a period of relatively light trading in global markets

Possible Market Interpretations

Common Scenarios for Large Transfers

Based on on-chain data analysis experience, a transfer of this size (1.7 million PENDLE) may involve:

• Large holders rebalancing or risk management
• Funds moving between exchange wallets
• Institutional investors adjusting positions
• Normal operations of multi-signature wallets

Signals to Watch

• Both addresses are anonymous, making it difficult to directly trace their backgrounds
• The transfer size is significant; the proportion relative to circulating supply needs further calculation
• The timing coincides with market hotspots
• Subsequent movements of these addresses

Market Impact Assessment

Short-term Impact

Such large transfers often attract market attention, but actual influence depends on:

• The underlying intent behind the transfer (outflow vs inflow)
• Whether there are further market actions afterward
• How market participants interpret this movement

Areas to Monitor

• Whether this PENDLE will subsequently enter exchanges or liquidity pools
• Whether other large holders perform similar actions during this period
• PENDLE’s price performance following this event
• Actual participation and activity after the sPENDLE upgrade

Summary

The transfer of 1.7 million PENDLE tokens occurred during a period of market enthusiasm driven by the PENDLE economic model upgrade. The timing is sensitive, and the scale is considerable. While the specific purpose of the anonymous addresses is difficult to determine directly, such on-chain data changes often reflect significant market participant activity. In the short term, this transfer may become a focal point of market discussion, but its actual impact on PENDLE’s price remains to be seen. The key is to continue monitoring the subsequent flow of these funds and the real impact of the sPENDLE upgrade on the ecosystem.