$JCT The price peaked at 0.00418 today, more than doubling in 24 hours. In my previous article, I wrote: "Before the pump, a multisig wallet distributed 1.37 billion tokens to six new wallets." This time, I looked further back on-chain and found something else: someone had been quietly withdrawing tokens since early October.
▍First, a quick primer: What does “withdrawing tokens” mean?
When coins move from an exchange to someone's own wallet, they generally intend to hold them. When they move coins the other way, they’re probably looking to sell. So keeping an eye on where whales’ coins are going can often tell you what they’re up to before the candlestick chart does.
▍Two multisig wallets withdrew 443 million tokens from exchanges in 18 days
A multisig wallet requires several people to sign off before funds can be moved. They’re typically used by project teams, foundations, or institutions. Here are the withdrawal records for these two multisig wallets (Beijing time):
· 10/2, 7 p.m.: 41.9 million tokens
· 10/9, 10 a.m.: 15.1 million tokens
· 10/10: 15.3 million + 5.8 million tokens
· 10/11, 10 a.m.: both wallets withdrew 157 million tokens at the same time, for a total of 315 million
· 10/16, 7 p.m.: 5.5 million tokens
· Today, 7 p.m.: 44.7 million tokens
Every transaction came from the hot wallet of the same exchange. This address has made over 4.6 million transactions—only an exchange hot wallet would be that busy. And the withdrawals always happen at 10 a.m. or 7 p.m. Beijing time, the exchange’s regular withdrawal times.
▍The most important transaction was on 10/11
JCT fell 29% on 10/10. The next morning, two wallets withdrew 315 million tokens at the same time. The price was around $0.0018, making them worth about $570,000; at today’s price, they’re worth $1.3 million. In other words, someone bought the dip after the sharp drop, then withdrew the tokens and held them. So far, neither wallet has sold a single token.
▍The futures market is moving in tandem
Today, from 11 a.m. to 7 p.m. Beijing time:
· The amount of money committed to futures rose from $6.7 million to $21.8 million—more than tripling.
· The share of traders going long fell from 67% to 44%, with more than half piling into shorts.
· But longs are paying shorts 0.065% every 4 hours, which indicates that long positions are larger and more aggressive.
Put simply: the smaller group with bigger positions is pushing the price up by going long, while the larger group of retail traders with smaller positions is chasing shorts.
▍Don’t forget the sword hanging overhead
The 1.37 billion tokens distributed in the early hours are still sitting untouched in six new wallets. That’s more than three times what these two multisig wallets accumulated, and they’re worth over $5.6 million at current prices. Some are accumulating, while an even larger batch has yet to show its hand. If those tokens move to an exchange, the situation could reverse.
▍All the addresses are on BSC, so anyone can check them
· Multisig A: 0x69be413d648ae00f0fbd9856f1355e22b36ee5e0 (currently 312 million tokens)
· Multisig B: 0x8dac80ce96f69f9762bc450faa4d7fbd5891ae18 (currently 422 million tokens; it already held 264 million, then withdrew another 158 million on 10/11)
· Exchange hot wallet: 0x53f78a071d04224b8e254e243fffc6d9f2f3fa23
· Multisig wallet that distributed tokens in the early hours: 0x3305a598e1e24175481d1ecf470a3bca57c16763
▍Three things to watch next
· If the two multisig wallets keep withdrawing tokens from the exchange, they’re still accumulating.
· If the six new wallets transfer tokens to an exchange or liquidity pool, watch out for selling.
· Monthly unlocks begin on November 10, with the first release being about 1.18 billion tokens.
The identities behind these addresses can’t be determined from on-chain data. I’m only describing what they’re doing. This is not investment advice.
Do you think these two multisig wallets are accumulating for the long term, or getting ready to help pump the price before cashing out? Let’s discuss in the comments.