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$VELVET Velvet Capital's associated wallet transferred 22 million VELVET tokens to exchanges during a period when the VELVET price increased approximately tenfold, totaling about $198 million.
According to NS3, DWF Labs also transferred 6.68 million VELVET tokens to the same exchanges in the past month, roughly $60 million.
EmberCN stated that the above transfer activities may be related to spot price increases and futures market liquidations.