Key action: Funds are being concentrated and monitored at exchange address 0xb5E…Fc24e, which completed a round of centralized transfers 2 hours ago: it deposited a total of 1.397 million tokens across multiple exchanges. The total value on Uniswap is approximately $4.6 million. This scale and pace typically do not belong to ordinary rebalancing; instead, they are more suggestive of deeper clues such as potential liquidity release or risk-hedging behavior. The relationships between addresses are starting to become more complex.

One key path worth focusing on: a deposit address at a certain exchange has had multiple historical interactions with DeFiance Capital, and this institution’s investment footprint happens to cover Aave and LayerZero—both of which have direct or indirect links to the recent KelpDAO incident.