According to TechFlow, on June 22, 2024, the on-chain detective ZachXBT posted on X that a certain address transferred 1.96 million AVAX (about 54.2 million US dollars) to exchanges such as Coinbase, Binance, and Gate, and then withdrew BTC worth more than 46 million US dollars from Coinbase and Binance.

According to previous news, ZachXBT posted on his personal channel that the decline of AVAX may be related to the transfer of 1.96 million AVAX from this address to exchanges such as Coinbase, Binance, and Gate.