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A well-known early Bitcoin investor, known as “BitcoinOG” or “1011short,” recently transferred about 100,000 ETH, valued at around $292 million, to Binance. On-chain analytics firm Lookonchain flagged the transfer, sparking a major debate within the crypto community.
Most market participants believe the move may be a way to manage risk. However, the action could lead to a sale, which might impact the asset’s price. The whale, however, has a prominent leveraged long position worth $717 million in Bitcoin (BTC), Ethereum, and Solana (SOL).
The large deposit started with a small test transaction of 0.1 ETH. Then, larger amounts were transferred. First, 3,426 ETH worth about $10 million, and later, 96,575 ETH valued at roughly $283 million. Arkham Intelligence data, confirmed by Lookonchain, showed these amounts being sent to Binance addresses from wallets linked to the entity with ID fbd33a7c-fccf-4182-9363-9361b2644d7f.
The whale has a track record of significant trading, including recent USDT deposits and leveraged trades on platforms like Hyperliquid. It has previously moved billions from Bitcoin to Ethereum and established prominent long positions. Recent reports reveal that it holds over 203,000 ETH, 1,000 BTC, and significant amounts of SOL, often using high leverage.
These positions have incurred losses, sometimes totaling tens of millions during market drops. The latest deposit is likely intended to add collateral, manage volatility, or balance its portfolio ahead of year-end. After the transfer, there was no immediate large-scale sell-off. Ethereum’s daily trading volume, which exceeds $10 billion, allows the market to absorb such inflows without causing significant price changes.
The Crypto X community quickly reacted to Lookonchain’s alert. Users had mixed feelings about the whale’s actions. Some joked about selling or reaching market highs, while others shared their strategies. One commenter suggested that using margins could help prevent liquidations, and many were preparing for changes in the holiday market.
One user noted that the whale’s $717 million investment suggests ongoing market confidence, while others fear a potential market shock. Meanwhile, some are reducing their ETH positions, while others are accumulating the asset. Ethereum is currently priced at $2,932 with a market cap of $354 billion and a daily trading volume of $21 billion.
The post Crypto Whale Dumps ETH Worth $292 Million—What’s the Play? appeared first on CoinTab News.
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