According to @EmberCN, a whale or institution accumulated 30.03 million FORM in early July at an average cost of $2.76 totaling about $82.82 million, source: @EmberCN (X, 2025-08-29). Nearly two months later, within the past hour the address sent 8 million FORM (about $29.8 million) to exchanges, including 5 million to Binance and 3 million to Gate, source: @EmberCN (X, 2025-08-29). With FORM trading around $3.72, the July stash is in profit, implying roughly $0.96 per token or about $28.9 million paper gains on 30.03 million tokens based on the provided figures, source: @EmberCN (X, 2025-08-29). The 8 million moved represents approximately 26.6 percent of the 30.03 million holdings based on the same data, source: @EmberCN (X, 2025-08-29).

According to @EmberCN, on-chain data reveals that the entity 'Trend Research' likely executed a significant token swap. The wallet first deposited 1.5 million FORM tokens, valued at $5.12 million, into Binance. Subsequently, it withdrew 203,000 ENS tokens, worth $5.5 million, from the exchange. This sequence of transactions suggests Trend Research sold its FORM holdings to acquire ENS. The report also notes that Trend Research's current portfolio is valued at approximately $570 million and is believed to be in profit, with major holdings including 108,000 ETH valued at $402 million.

According to @EmberCN, an address associated with @Trend_Research_ deposited 1.5 million FORM tokens, valued at $5.12 million, into Binance. This on-chain activity is part of a larger pattern where the address initially withdrew 9 million FORM from Binance in late April at a price of $2.13. Subsequently, the entity has been systematically depositing the tokens back to the exchange at progressively higher prices: 3 million FORM were deposited in late May at $2.56, another 1.5 million in late June at $2.58, and the most recent 1.5 million at $3.41. For traders, this pattern of moving assets to an exchange after significant price appreciation could indicate an intention to sell and realize profits, potentially increasing selling pressure on the FORM market.

According to Ai 姨 (@ai_9684xtpa), the BNX token has seen a 38% price increase in the last 24 hours, leading to a significant skew in the long-short ratio with longs at 19.42% and shorts at 80.56%. Binance is set to automatically liquidate the BNX/USDT contract trading pair at 5 PM today due to BNX's planned rebranding to FORM. Since midnight, 3 million BNX tokens have been involved in this activity.