According to on-chain analyst EmberCN, a large-scale asset movement was detected from a wallet address suspected to belong to the cryptocurrency-focused investment firm Dragonfly Capital.

It was confirmed that about 10 minutes ago, assets worth approximately $9.05 million (137 million SKY) were deposited from this wallet to the exchange Coinbase.

On-chain investigations revealed that the SKY holdings in the address were withdrawn from the global exchange Binance 5 years ago. Notably, at the time, the asset was in the form of MKR tokens before MakerDAO underwent its rebranding, and its value was reported to be around $20.45 million.

Generally, moving large amounts of cryptocurrency from a personal wallet to an exchange is interpreted as a move to clear positions and realize gains for selling purposes.