Trend Research transferred 24,051 ETH to an exchange in the past 9 hours

According to ChainCatcher, on-chain analyst Yu Jin monitored that after ETH rebounded and broke through $4,300, Trend Research transferred 24,051 ETH ($104 million) into a certain exchange in the past 9 hours.

Ten days ago, they had transferred 16,800 ETH into an exchange, but at that time it seemed to be a swing trade and the funds were withdrawn again afterwards. This time, are they really planning to sell a portion, or is it another swing trade? Before today's transfer, they held a total of 152,000 ETH ($660 million), with an average cost of about $2,869.