According to on-chain analyst Ember, a giant whale/institution may have used part of the funds to buy PHA after selling 40,000 ETH: 16.88 million PHA ($2.18 million) was received from FalconX 7 hours ago. He transferred 10,000 ETH to FalconX last time, and then only withdrew 19.49 million USDC from FalconX. The remaining part of the funds may have purchased 16.88 million PHA (2.18 million USD) through FalconX.