On December 30, 2025, a prominent cryptocurrency entity known as a "Bitcoin OG" deposited 112,894 Ethereum (ETH), valued at approximately $332 million, into the Binance exchange. The transaction was first identified and reported by the blockchain monitoring firm Lookonchain.
This is the second major deposit from the same wallet in a matter of days. Just prior to this transaction, the same address deposited 100,000 ETH (worth roughly $292 million) into Binance. These repeated, large-scale transfers have drawn significant market attention, particularly because they have occurred without any visible reduction in the whale's substantial leveraged long positions.
According to public derivatives data, this entity currently holds an estimated $749 million in leveraged long positions across Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The combination of moving large amounts of spot assets to an exchange while maintaining massive bullish derivative bets creates mixed signals for market participants.
Analysts note that large deposits to centralized exchanges like Binance can signal an intent to sell or rebalance a portfolio. However, they can also serve operational purposes such as adding collateral for existing positions, managing margin requirements, or repositioning liquidity across different trading venues. At the time of the report, there was no on-chain evidence indicating the deposited ETH had been sold, and the wallet's long positions remained active, suggesting the transfer may be tactical rather than a directional bearish bet.
The market context sees Ethereum trading near $2,900 and Bitcoin fluctuating around key psychological levels, with volatility increasing toward year-end. Experts caution against drawing firm conclusions from a single entity's actions, as whale movements often reflect complex strategies involving spot holdings, derivatives, and cross-exchange liquidity management. The prevailing interpretation is one of caution, flexibility, and readiness from a major market player, rather than a clear shift in market sentiment.
