Recent on-chain data monitoring shows that ONDO tokens worth $23.1 million were bulk transferred from a suspected project team address early this morning, and then flowed into four different wallet addresses. Interestingly, the transaction history of these four addresses shows a regular pattern—they have been periodically transferring ONDO in batches to major exchanges. Based on previous transfer patterns, it is likely that the newly incoming tokens will follow the same route. This kind of planned, phased transfer usually indicates that the project team is managing liquidity in an orderly manner or that market participants are gradually building positions or exiting. For investors watching ONDO's movement, this signal is worth noting.