Pantera Capital and Ondo Finance have transferred over 200 million ONDO tokens, valued at approximately $80 million, to the multi-signature address "0x5240". This significant movement, reported on January 18th, was identified through Arkham monitoring data. The multi-signature address has been actively distributing tokens to various centralized exchanges (CEXs), including a recent transfer of about 4 million ONDO tokens to Binance. Additionally, Coinbase, OKX, and Kraken have received tens of millions of ONDO tokens via intermediary wallets. While analysts suggest this could be a routine token unlock, the activity has prompted traders to keep a close watch on liquidity depth in the market.