On-chain data shows that an early investor or core team member of the Pendle project recently made a significant move. This address transferred 1.8 million PENDLE tokens, which had been sealed for 3 years, to a certain exchange seven hours ago. Based on the current price, this asset is now worth approximately $3.83 million.

Interestingly, the source of these 1.8 million tokens is quite worth examining. On-chain data indicates that they were gradually unlocked from Pendle's token ownership contract between April 2022 and April 2023. At that time, the price of PENDLE was far lower than it is now, and 1.8 million tokens were worth about $266,000.

From the initial low-price holdings to the current action, the transfer behavior of this account somewhat reveals some market signals. Is there a change in the long-term holding strategy? Or is it purely an asset allocation adjustment? Market participants may have their own interpretations.