Key Takeaways
- A Bitcoin OG transferred 5,152 BTC worth $445 million to Binance.
- Large Bitcoin deposits to exchanges often signal potential upcoming selling activity.
An early Bitcoin investor, commonly known as Bitcoin OG “1011short,” moved 5,152 BTC worth approximately $445 million to Binance on Thursday, according to data from Arkham Intelligence.
The trader boosted his Ethereum long positions this morning and was reportedly holding 203,341 ETH, 1,000 BTC, and 250,000 Solana ahead of the US market open. The total position was valued at around $695 million at the time.
Crypto markets briefly rallied as US inflation cooled in November, pushing Bitcoin above $89,000 and Ethereum near $3,000, with other assets also posting strong gains.
However, the rally quickly lost momentum as traders turned cautious. Bitcoin was trading at around $85,166 at press time, per CoinGecko.
The sell-off has erased more than $100 million from the crypto market in the past ten hours. The total market capitalization has dropped below $3 trillion.
Source: https://cryptobriefing.com/bitcoin-og-deposit-445-m-binance/
