Well-known market maker Jump Crypto transferred 393,900 H tokens to ByBit. According to Arkham Intelligence, Jump currently holds 51 million H tokens (Humanity Protocol) and is continuously transferring them to exchanges. According to an SEC investigation report, Jump Crypto purchased $20 million worth of UST in the Luna incident, obtained the right to buy LUNA at a low price from Terraform, transferred $300 million in assets to Coinbase, Binance, and Gate.io, and profited $1.28 billion. The SEC fined Jump's subsidiary $123 million in December 2024. Current on-chain data for H tokens shows that Jump is transferring tokens to exchanges. Simultaneously, market depth has decreased, with trading volume primarily coming from retail investors, and other large holders are also reducing their holdings. Analysts point out that users should manage the proportion of H in their portfolios, pay attention to large on-chain transfers, and consider risk management.