BitcoinOG Continues Selling Spree, Deposits 5,252 BTC to Binance, Coinbase, and Kraken

A major crypto trader known by the pseudonym “BitcoinOG” has been actively moving large sums of BTC across exchanges while increasing his leveraged short position in the asset. Since the market crash on October 11, BitcoinOG has deposited 5,252 BTC (worth $587.88 million) into major platforms including Binance, Coinbase, and Kraken. 

According to data from Lookonchain, the trader transferred 3,013 BTC to Binance across two transactions, 2,010 BTC to Coinbase, and an additional 100 BTC to Kraken over the past week. CoinRemark reported his 100 BTC transfer to Kraken last week.

These transactions suggest that BitcoinOG is transferring the BTC to sell them on the open market, potentially adding downward pressure on the leading cryptocurrency. However, analysts believe these movements may be related to liquidity management or the buildup of leveraged trading positions.

It is worth mentioning that this is not the first time the trader has transferred huge amounts of Bitcoin to exchanges. Over the past few weeks, he has executed several high-value BTC transfers across multiple exchanges and wallets. 

Current Short BTC Position

On Hyperliquid, the trader currently has a 10x short Bitcoin position valued at $227.8 million, equal to 2,100 BTC. The position has generated an unrealized profit of $5.73 million.

Opened at an entry price of $111,190 per BTC, the trade has so far benefitted from Bitcoin’s recent price drop, with the asset trading at $108,462 at the time Lookonchain took the screenshot. The use of 10x leverage amplifies both profits and risks, highlighting the trader’s bold and calculated approach to high-stakes market moves. 

The trader’s persistent short bias highlights a bearish outlook on Bitcoin’s short-term trajectory. The growing leveraged positions, combined with significant deposits into centralized exchanges, suggest an intent to capitalize on potential price corrections.

In the meantime, Bitcoin has continued to face bearish pressure, with the asset currently changing hands at $107,945, marking a seven-day decrease of 3.93%.