According to ChainCatcher, on-chain analyst @ai_9684xtpa monitored that after Upbit launched ONDO, GSR Markets was suspected of reducing its holdings of ONDO, and recharged 3.5 million ONDO to Bybit 11 hours ago, worth $4.27 million.

GSR has continuously built positions of 9 million ONDO since February this year, with an average price of only $0.5718 (recharge price of $1.22). If all are sold this time, it will make a profit of $2.26 million. It currently holds 3.5 million tokens.