Fishpond co-founder moved 12,000 ETH to Binance in three days
$ETH isn’t looking too great today. The current price is around $2,420, up 3.6% over the past 24 hours. The high of $2,525 wasn’t held. What’s even more eye-catching is on-chain activity: addresses related to the fishpond co-founder have transferred about 12,765 ETH to Binance over three days. That’s roughly a $28.70 million value. At the same time, he reportedly repaid about 87.68 million USDC worth of loans. Supposedly, he still holds around 65,000 ETH and 1,000 WBTC.
Many people’s first reaction is: “A sell-off is coming.” I think it’s more like deleveraging and reducing risk. In a bull market, the most dangerous thing isn’t a price dip—it’s people adding leverage at high levels. Even old miners are moving coins to Binance and paying back loans. That suggests they think the volatility in this stretch will increase, and they don’t want to be “educated” by liquidations.
Layer on another point: across the network, 24-hour $ETH contract open interest has dropped by about 5.8%, down to around $31.37 billion. Binance’s derivatives books are still the largest tier. When open interest falls, it often isn’t the start of a climax—it’s usually someone getting out first.
For the short term, I’m treating 2,400 as the sentiment line. If it breaks, don’t rush to buy—first check whether spot sell pressure is still there. Only if it holds should you talk about a rebound. The old money is deleveraging, so don’t go be a hero by adding leverage on your own.
$ETH isn’t looking too great today. The current price is around $2,420, up 3.6% over the past 24 hours. The high of $2,525 wasn’t held. What’s even more eye-catching is on-chain activity: addresses related to the fishpond co-founder have transferred about 12,765 ETH to Binance over three days. That’s roughly a $28.70 million value. At the same time, he reportedly repaid about 87.68 million USDC worth of loans. Supposedly, he still holds around 65,000 ETH and 1,000 WBTC.
Many people’s first reaction is: “A sell-off is coming.” I think it’s more like deleveraging and reducing risk. In a bull market, the most dangerous thing isn’t a price dip—it’s people adding leverage at high levels. Even old miners are moving coins to Binance and paying back loans. That suggests they think the volatility in this stretch will increase, and they don’t want to be “educated” by liquidations.
Layer on another point: across the network, 24-hour $ETH contract open interest has dropped by about 5.8%, down to around $31.37 billion. Binance’s derivatives books are still the largest tier. When open interest falls, it often isn’t the start of a climax—it’s usually someone getting out first.
For the short term, I’m treating 2,400 as the sentiment line. If it breaks, don’t rush to buy—first check whether spot sell pressure is still there. Only if it holds should you talk about a rebound. The old money is deleveraging, so don’t go be a hero by adding leverage on your own.