From February 20 to 21, 2026, a group of large addresses on-chain, referred to by the community as "1011 Insider Whale", injected a total of 11,318 BTC into Binance, valued at an average price of 67,204 USD, amounting to approximately 760.61 million USD. More notably, about sixty percent of the positions were quickly exchanged for USDT and transferred to multiple new addresses after entering the market. Although there are currently no public market records of large-scale transactions corresponding directly to the sale of these chips, the sentiment around "whales dumping" and "billions of dollars reducing positions" has rapidly amplified within the community. Whether this is a prelude to substantial selling pressure or a precise asset exchange and risk management action has become a key suspense in this round of panic sentiment.

On-chain Image of 760.6 Million USD Flows in and out of Binance

● Deposit Rhythm and Volume: Between February 20 and 21, East 8 Time, this group marked as "1011 Insider Whale" concentrated the deposit of 11,318 BTC into Binance in batches, which, estimated at 67,204 USD average price, totals about 760.6 million USD. From the on-chain path view, this represents a highly concentrated and pre-planned transfer, rather than scattered small trials, indicating that the fund party made clear decisions in both timing and scale.

● On-site Asset Exchange and Diversification: Once the funds entered Binance, approximately 464.48 million USD worth of BTC was rapidly exchanged for USDT and dispersed to 7 new addresses, forming a completely new off-market "cold wallet" position; another approximately 296 million USD worth of BTC remained in Binance. This structure means: on one hand, nearly sixty percent of the positions have completed the switch from "BTC→USDT→new addresses", and on the other hand, BTC ammunition remains available for disposal at any time.

● Evidence of Dumping and Potential Selling Pressure: Perspectives from on-chain analysis, including Lookonchain, generally indicate that, as of now, there have not been any observed large-scale selling transactions in the public market corresponding directly to this batch of chips, and the price fluctuations have not yet exhibited the typical characteristics of "one-point massacres." What can be confirmed is only that the whales chose to concentrate their funds in Binance and partially exchanged them for USDT, serving as a "potential selling pressure signal"; whether they have already or will realize through off-market or segmented selling paths still lacks on-chain verifiable closed-loop evidence.

OTC Transactions or Multiple Hypotheses Before Dumping

● Differences Between Off-market Bulk and Public Selling: If a large amount of BTC is settled through OTC bulk transactions, a common feature is that there is a concentration transfer on-chain to exchanges or market-making institutions, though orders tend to be matched off-market, leading to relatively smooth price fluctuations; whereas public selling with orders generally comes with a sudden drop in market depth, a brief surge in transaction volume, and rapid price decline. Currently, we only see "transfer to Binance + partial exchange for USDT," without the corresponding deep collapse and waterfall K-line, indicating that "entering the exchange" does not necessarily equate to "inevitably dumping."

● Possible Scenarios of 60% Exchanged for USDT: The conversion of about 60% of positions into USDT provides the market with several reasonable imaginations: firstly, the whales are locking in temporary profits at high levels, converting floating gains into dollar-denominated assets; secondly, they are preparing for potential OTC counterparties for large off-market settlements in USDT; thirdly, in a period of intensified volatility, they are hedging against price retracement risks by switching to USDT, reserving space for re-entry later. These paths all align with the logic of "exchange and risk management" rather than pre-setting as a single directional liquidation dump.

● Evidence Boundaries and Cognitive Constraints: Based on the current on-chain information, we can only confirm three things: first, 11,318 BTC were transferred to Binance; second, approximately 464.48 million USD has been diversified into 7 new addresses in USDT; third, about 296 million USD worth of BTC remains at the exchange. As for whether these USDT will flow back to other platforms for off-market acquisitions, structured products, or traditional asset allocations, and when and how the BTC left at Binance will be disposed of, there is no verifiable public data to support this. Any extrapolated reasoning about "specific selling paths or counterparties" can currently only be seen as unverified speculation.

From Whale Actions to Emotion Amplification of Market Structures

● Emotional Impact and Chain Reactions: On a short-term dimension, news of concentrated position reductions or exchanges by whales can easily be interpreted by the market as a signal of "smart money retreat," triggering follow-up reductions in positions and a sharp decline in risk appetite. Particularly, intuitive data such as "760.6 million USD into the exchange" and "60% of positions converted to USDT" can be easily amplified in social media by being taken out of context, prompting retail investors and smaller funds to be more inclined to sell first to avoid being the "last buyer."

● Address Size and Mid to Long-term Role: Such large addresses often act as amplifiers of trend divergence rather than singular price setters over longer cycles: when prices approach cyclical highs, whales choosing to partially reduce positions or migrate from on-chain to off-chain is both the starting point of chip redistribution and a process of funds moving from transparent on-chain to more obscure structures. As a result, on-chain traceable "large long-term chips" decrease, while price dominance is increasingly dispersed to derivatives, ETF products, and institutional market-making systems.

● Shift from "Price Dominators" to "Expectation Amplifiers": In the current highly financialized Bitcoin market, the movements of a single whale's address are becoming increasingly difficult to directly influence mid to long-term price trends, yet increasingly affect narratives and risk preferences. Whale movements often become anchors for media headlines and community discussions, driving investors to make "defensive adjustments" in advance on a cognitive level, thereby influencing market structures through the emotional chain. In other words, every major move by whales is transforming from "real selling pressure" into "expectation impacts," with the psychological leverage being much greater than its immediate impact on the order book.

The Quiet Migration of Ethereum Chips and Resonance of Major Funds

● Brother Ma Ji's ETH Limit Sell Orders: In sync with the Bitcoin whales moving their positions, the market has also noticed that Ma Ji, Huang Licheng, has placed multiple ETH limit sell orders in the range of 1980 to 2025 USD. This behavior logically resembles a clear "planned cash-out"—the holder incrementally sells in a relatively narrow price range, avoiding direct impacts on the order book from large market orders and locking in an acceptable profit range, reflecting a cautious attitude toward the current price level.

● New Address Accumulating 27,000 ETH: At the same time, a single new address has emerged, quickly accumulating 27,721 ETH, valued at approximately 54.23 million USD at the time. This phenomenon contrasts with the BTC whales' "USDT exit": on one side, old addresses gradually sell near high prices, while on the other, new addresses are making significant purchases, quietly rotating chips among major funds. For ordinary investors, what they see is both "someone is selling" and "someone is buying," yet only the migration of chips themselves can be clearly verified.

● Psychological Resonance of BTC and ETH Adjustments: When the two most important main lines, BTC and ETH, show "adjustment of positions" signals almost simultaneously—one side being Bitcoin whales swapping hundreds of millions of dollars in chips for USDT and moving to new addresses, and the other side being old Ethereum large holders placing batches of sell orders near critical price points—the market is more likely to summarize this as a consensus that "major funds are overall leaning towards conservativeness." Even if the underlying causes could be diverse asset allocation, tax optimization, or internal risk control in institutions, what ultimately forms at the retail level is still an amplified perception of high-level risks.

Another Side of Industrial Capital: Reductions Occur Alongside Additions

● Nakamoto Company's Ecological Acquisition: In sharp contrast to the short-term positioning adjustments of on-chain whales, industrial capital is still accelerating its layout in Bitcoin-related assets. According to public information, Nakamoto Company acquired BTC Inc and UTXO Management for 107 million USD, which is a typical case of industrial capital entering the Bitcoin ecosystem through acquisitions. It does not directly bet on short-term coin prices but rather seeks to gain long-term influence in media, asset management, and related services through equity and business control.

● Bitdeer Expands Debt Financing to Increase Hashrate: During the same period, mining company Bitdeer announced that it would increase the issuance of convertible notes to 325 million USD, further raising funds for expanding hashrate and infrastructure. Convertible notes themselves carry both debt and potential equity attributes, meaning investors bet on its cash flow ability while also betting on the growth space of Bitcoin mining business, which is a structural bet on the mid to long-term demand and security of Bitcoin network.

● Dual Narratives of Reductions and Increases: On one side, on-chain whales convert hundreds of millions of BTC to USDT, while major Ethereum holders place sell orders; on the other side, industrial capital increases Bitcoin ecosystem through hundreds of millions in acquisitions and debt financing. In the same time dimension, "short-term chip reductions" and "mid to long-term infrastructure expansions" narratives coexist, reminding the market that in interpreting whale behaviors, one cannot merely focus on on-chain address changes while neglecting that Bitcoin is still being systematically absorbed and built up within deeper industrial and capital structures.

Panic, Gaming, and the Judgment of Time

● Core Signal of the Whale Event: Returning to the operations of the "1011 Insider Whale," what can be confirmed now is that 760.6 million USD worth of BTC has been concentrated in Binance, with about 464.48 million USD already converted to USDT and transferred to new addresses, while the remaining approximately 296 million USD worth of BTC remains at the exchange. On-chain funds are realigning, and public sentiment around "whale moving of positions" and "large conversion to USDT" has rapidly amplified, but so far, there is still a lack of direct public market dumping evidence that can match this batch of chips.

● Firewall of Data and Speculation: In times of complex information and surging views, it is crucial to distinguish verifiable data from unverified speculation. The specific identities of whales, their total holdings, and the so-called "record of billions of dollars reducing positions in the past month" all remain under verification due to a lack of on-chain closed loops or authoritative disclosures, and should not be treated as settled facts in decision-making. For ordinary investors, focusing attention on confirmed on-chain transfer records, asset structure changes, and publicly disclosed trading data is more helpful in controlling risk exposure than chasing stories surrounding individual identities and conspiracy theories.

● Using Time to Validate the Meaning of Whale Actions: Moving forward, what is truly worth continuous tracking is the subsequent direction of this USDT, the duration for which the BTC left in Binance stays, and its possible paths of derivative or OTC use, alongside the rhythm of industrial capital such as Nakamoto Company acquisitions and Bitdeer debt expansions. Only by integrating on-chain paths, exchange data, and industrial layouts over a longer time dimension can we clarify whether this "1011 whale repositioning" is a genuine reduction at the peak of a cycle or a repositioning game revolving around risk hedging and chip redistribution.

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