According to blockchain analytics firms Lookonchain and Onchainlens, a prominent crypto whale deposited 100,000 ETH worth about USD 292 million to Binance on 23–24 December 2025.
The address, identified as “BitcoinOG” or “1011short”, currently holds a total of USD 717 million in leveraged long positions in Bitcoin, Ethereum and Solana, with about USD 55 million in unrealised losses.
According to Onchainlens, the transfer was made in two stages: first spread across several addresses, then from 23 December moved to a final Binance deposit wallet beginning 0x99E1E. The whale holds 5x leveraged longs in Bitcoin and Ethereum and a very risky 20x leveraged long in Solana. With Ethereum at about USD 2,965 on 24 December, down 1.35% on the previous day, the timing of the deposit sparked wide speculation about its purpose — possible selling pressure, collateral management to avoid margin calls, or portfolio rebalancing.
A market under pressure
The deposit came as crypto markets faced significant pressure. Total market capitalisation hovered around USD 2.96 trillion, and the Fear & Greed Index stood at 27, indicating fear among investors. Bitcoin traded at about USD 87,406 on 24 December, down 1.23% on the previous day, while Solana fell 1.46% to USD 123.92. US spot Ethereum ETFs also recorded net outflows of USD 95.5 million on 23 December, reversing earlier inflows.
Large deposits to centralised exchanges are usually seen as a prelude to significant trading activity, whether selling assets or posting collateral for leveraged positions. The whale’s current strategy shows a mix of market confidence and high risk. According to Coinfomania, the address previously made more than USD 150 million by shorting during the December 2025 market crash before switching to bullish positions. However, with its current leveraged trades still in the red, the deposit has drawn close attention from market participants as an important signal in tracking whale behaviour and future market trends.
