Key Highlights
- Bitcoin OG 1011short moved $445 million in BTC to Binance, showing whale activity, stablecoin shifts, and potential market influence amid volatility.
- Whale wallet actions reveal strategic BTC transfers and stablecoin conversions, while short-term liquidations highlight ongoing market swings.
- Large BTC movements by 1011short coincide with ETH exposure and reshuffling, signaling careful positioning rather than sudden buying.
An early Bitcoin investor, widely known as Bitcoin OG “1011short,” triggered market attention by transferring a whopping 5,152 Bitcoin (BTC), worth roughly $445 million, to Binance on Thursday. According to Arkham Intelligence, the wallet executed the transaction after a smaller 0.01 BTC test transfer, a standard procedure to confirm the destination address.
Onchain transactions tracking platform Lookonchain confirmed the movement on X, noting that the OG maintains a combined long positions of $716 million across BTC, Ethereum (ETH), and Solana (SOL).
Though the latest transfer is not an isolated action. Arkham’s data shows that about a week earlier, the same wallet received approximately 5,152 BTC from another address, valued at roughly $476.7 million at the time.
Whale activity highlights stablecoin strategy
CryptoQuant analyst Maartunn noted that Binance probably acts as a stablecoin conversion hub for whales. An investor transferred $110 million in USDT (Arbitrum) to Binance in three transactions on December 1. Shortly after, $230 million in USDC (Arbitrum) was transferred back, indicating the platform enables multi-million-dollar stablecoin adjustments.
“Binance as a High-Liquidity Stablecoin Conversion Layer,” Maartunn said, emphasizing that it probably reflects the efficiency of the exchange in handling whale-scale flows with close to no friction.
Also, the transfer of Bitcoin by the whale in question occurred while they are still sitting with significant long exposure on Hyperliquid. Data from Hyperdash shows that the whale is down over $54 million between their ETH, BTC, and SOL long positions. Although liquidation risk is low, these positions hint towards continued market stress.
Market movements and on-chain insights
Glassnode researcher CryptoVizArt cautions in a X thread that apparent “shark accumulation” may mislead retail investors. According to on-chain analysis, the supply held by entities with 100–1K BTC rose from 3.33 million to 3.60 million BTC since November 16. However, most of this movement reflects internal reshuffling rather than genuine net accumulation.
CryptoVizArt explains that wallet reshuffling “occurs when large entities split or merge balances across addresses to manage custody, risk, or accounting.” Coinbase alone recently reshuffled roughly 640K BTC internally.
Meanwhile, Santiment pointed out some short-term market volatility. Bitcoin briefly topped $90,087 on Coinbase, before falling to around $86,580 within the same hour. An increase in funding rates indicates more levered long positions, which have typically led to aggressive liquidations.
According to Coinglass, total liquidations for Bitcoin within 24 hours amount to $195.82 million, with long liquidations at $118.53 million. Binance dominates future trading with $28.23 billion, with Coinbase showing red in the heatmap, indicating lower relative activity.
Bitcoin OG 1011short is still very active, moving large amounts of Bitcoin and switching stablecoins on Binance. These actions show how big players can influence market prices. However, a lot of wallet movements are just internal reshuffling, not actual buying.
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