Pendle trading volume hits $221.5m as Ethereum activity reaches 30-day high
The yield protocol saw a surge in activity while Ethereum margin on Binance reached its highest level in five months after an 11 per cent price recovery.
Key takeaways
- 1Pendle daily trading volume hit a 30‑day high of $221.5 million on 5 November.
- 2Ethereum accounted for the vast majority of the protocol's trading activity.
- 3The ether margin ratio on Binance reached 0.1862, a five‑month high.
- 4Ethereum reclaimed its 200‑day moving average after an 11 per cent price rise.
- 5Total value locked in the Pendle protocol is currently $1.03 billion.
Pendle daily trading volume reached $221.5 million on 5 November, marking a 30-day high for the yield‑trading protocol. Ethereum accounted for nearly all the activity during the surge, according to data reported by The Defiant. Total value locked in the protocol remained steady at approximately $1.03 billion through the latest daily snapshot.
The increase in volume occurred as Ethereum reclaimed its 200‑day exponential moving average. Coinpedia reported that the asset has gained roughly 11 per cent after falling below $2,200 in late October. It was trading at approximately $2,430 on Thursday, with market analysts identifying $2,600 and $2,800 as the next potential price targets.
Pendle is a decentralised finance protocol that allows users to separate yield‑bearing assets into principal and yield tokens. This enables traders to speculate on interest rates or lock in fixed returns from liquid staking and restaking. Most of the recent volume was concentrated on the Ethereum network rather than secondary scaling layers.
Data from the derivatives market suggests that traders are taking on more risk during this recovery. The estimated margin ratio for Ethereum on Binance rose to 0.1862, its highest reading in five months. Coinpedia reported that this indicator measures open futures positions relative to the ether reserves held on the exchange.
High margin ratios often precede periods of increased volatility. While the current ratio does not specify whether traders are mostly long or short, it indicates that the market is more sensitive to sudden price movements. Liquidations could accelerate if Ethereum fails to defend the $2,200 support level, which analysts say is now a key level for the recovery.
Ethereum was trading at $2,428.90 at 00:09 UTC, according to YourKhabri data. The asset has a total market value of $296.8 billion and remains the second‑largest cryptocurrency by capitalisation. Traders will monitor whether the current momentum can push the price toward resistance levels while managing the risks of the high margin ratio on major exchanges.
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Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.