Token flows: Monitoring shows that FalconX transferred approximately 350,000 HYPE to Coinbase over the past three days, worth about $30.57 million. Keep a closer eye on whether there are further deposits in batches, whether order book depth on the exchange thickens, and on the net flows of other custody/market-making addresses over the same period. Don’t equate a single transfer directly with an imminent sell-off, but don’t overlook that large deposits themselves can raise expectations of short-term volatility.