I think it's spalted for sure but the grain on the lower right end looks like sycamore to me.
It's pretty and will make a great looking pen no matter what it is.
DonHo
That indeed is spalted Movingui... mostly sapwood which is whitish while the heartwood is the yellow wood at the end. I have some and you have the genuine article. I am going to turn a pen from mine soon and will post PIX.
:wink::wink::wink: