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As reported by on-chain data analytics, an address linked to Polychain Capital moved its entire PENDLE stake—4.114 million tokens—to FalconX roughly eight hours ago. The fund had previously built a sizeable position in PENDLE, accumulating about $13 million at an average entry price near $3.16 from March through September, according to recent chain data.

At the current quote of about $2.19, the mark-to-market shows a paper loss near $3.99 million for this block, illustrating the material impact of price moves on institutional exposure.

While the transfer signals reallocation among counterparties, it does not imply an exit from PENDLE or a broader bearish thesis. Investors should monitor further custody moves and liquidity dynamics to gauge ongoing supply pressure.