An address linked to the Polygon team transferred 20 million POL tokens worth approximately $3.5 million to Binance and market maker GSR Markets on Saturday.
The movement comes as POL rallied over 50% in the past week.
Arkham Intelligence data tracked the transfers occurring over a 20-minute window.
What Happened
The Polygon-associated wallet sent 20 million POL tokens to Binance and GSR Markets addresses.
At current prices around $0.175, the transfer totaled approximately $3.5 million.
GSR Markets operates as a cryptocurrency market maker providing liquidity services to token projects and exchanges.
The transfer occurred amid POL's strongest rally since November, with the token surging from $0.098 on January 1 to $0.18.
Polygon recently unveiled its "Open Money Stack" payments framework, driving network burns to record levels exceeding 1 million tokens daily.
Read also: X Launches Smart Cashtags For Real-Time Crypto And Stock Prices
Why It Matters
Team-controlled transfers to exchanges typically signal liquidity provision, market making arrangements, or potential selling pressure.
GSR Markets specializes in providing institutional-grade liquidity, suggesting the transfer could support market making during recent volatility.
POL's daily burn rate has accelerated substantially in 2026, with the network processing over 178 million transactions in the past 30 days.
The token remains down 85% from its all-time high near $1.29 despite recent gains.
Read next: Tom Lee Predicts $9,000 Ethereum As BitMine Stakes $266M More