Recently, an interesting on-chain phenomenon has attracted attention. An address suspected to be related to the YGG ecosystem transferred 40 million YGG tokens to a major exchange within 7 hours, worth approximately $2.65 million at current prices. More notably, this is not an isolated event — over the past five months, this address has been continuously transferring tokens from the team treasury and multi-signature wallets to exchanges.

Upon seeing this news, many people's first reaction is panic. Large inflows to exchanges—does this indicate an imminent dump? Should they rush to exit?

But things are not that simple. We need to analyze it carefully.

First, transferring tokens to an exchange ≠ immediate selling. Large holders depositing tokens on exchanges might just be placing limit orders in batches, market-making preparations, or routine fund management. However, the frequent activity over five months does suggest phased cashing out or turnover needs. The sources point to team treasuries and multi-signature addresses, which is very likely the project team or early-stage institutions realizing some profits, a normal market fund flow.

Second is market psychology. In the short term, this kind of selling pressure does exist, especially in a fragile market environment, which can trigger panic selling. But from another perspective, if the project's fundamentals haven't deteriorated, these continuous whale transfers could also be clearing retail positions, laying the groundwork for future price movements.

So what is the key? Whether the price can hold steady at critical support levels, and whether the market has already digested this expectation. The news is somewhat bearish, but the real opportunity often lies in this kind of uncertainty.