According to EmberCN, a whale/institution sold 40,000 ETH and may have used part of the proceeds to purchase $PHA. 7 hours ago, they received 16.88 million $PHA ($2.18M) from FalconX. Previously, they transferred 10,000 ETH into FalconX and withdrew only 19.49 million USDC, suggesting the remaining funds were used to buy the $PHA.