An early participant in the Pendle ecosystem recently made a big move—he transferred 1.8 million $PENDLE unlocked three years ago to a certain exchange. This asset is currently valued at approximately $3.83 million.

Interestingly, this development trajectory over time. This address gradually unlocked the 1.8 million tokens from Pendle's token ownership contract between April 2022 and April 2023. At that time, the market conditions made these tokens worth only $266,000. Since then, he chose not to cash out immediately but held onto them until today—over three years, the paper gains increased from $266,000 to $3.83 million, a rise of over 14 times.

This move from holding to transferring to an exchange may be brewing something. Whether for risk hedging or other strategies, on-chain actions by large holders often reflect real-time market sentiment.