🚨Massive liquidity movement in one hour: Sun Yuchen withdraws 120 million SPK tokens and transfers them to the exchange

On-chain data shows that the address Sun Yuchen (0x939...A1D1) has, in the past hour, accumulated approximately 120 million SPK tokens from the SPK airdrop claim and staking reward contracts, then transferred all of them to HTX, worth about 5.51 million USD.
From the fund flow perspective, this is a typical on-chain behavior of "reward release + concentrated transfer to exchanges," indicating that liquidity is gradually moving from the protocol side into the market circulation side.
In the crypto market, rewards are not the end point but the starting point of liquidity.
When a large number of tokens enter exchanges, the market's test of supply and demand balance also intensifies.
Short-term price movements are driven by sentiment; long-term movements are driven by structure.
What truly influences the trend is never a single transaction, but what choices the funds continue to make. 🚀