Data shows that a high-profile Bitcoin OG — known for correctly shorting the market during the sharp sell-off on October 10 — has made a significant move involving a substantial Ethereum position. The wallet associated with this entity deposited 100,000 ETH, worth roughly $292 million, into Binance, immediately drawing attention from both investors and analysts. On-chain data has flagged a significant move by the so-called Bitcoin OG, a trader known for managing a massive $717 million long exposure across Bitcoin, Ethereum, and Solana.
The deposit could be part of a short-term tactical trade, enabling rapid execution without signaling an intention to fully unwind the position. Another possibility is collateral management. Large traders often transfer assets to exchanges to support margin requirements or rebalance leverage, especially during periods of declining prices. Less bearish interpretations also remain on the table.
Ultimately, the deposit does not confirm outright selling. However, it does suggest that the trader is actively managing risk. As Ethereum remains under technical pressure, markets will be watching closely to see whether this ETH transfer precedes further distribution or proves to be a temporary adjustment within a broader long-term strategy. With sentiment already strained, the coming sessions may prove pivotal for Ethereum’s medium-term direction.
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