Writing: Riyue Xiaochu
Ordi is the biggest winner, holding 900,000 tokens of Mint, with a profit of up to 50 million US dollars. However, overall, the proportion of Mint's Ordi is very small, estimated to be less than 10%. The two largest individual addresses hold 710,000 and 640,000 tokens respectively, purchased at 6-10 dollars, and have not been moved to date.
There has been a significant change in the Ordi holding addresses, with the chips now concentrated in exchanges. In the future, Binance and OKX will be the main battlegrounds.
The recent FUD has led to over 700,000 Ordi tokens flowing into exchanges. In comparison, during the bullish trend earlier this week, there were at most tens of thousands of profits, even fewer. Therefore, the bullish trend turns people into believers, while panic makes them surrender their chips.
In the investigation, a small secret was also discovered, let me tell you quietly. Binance-related wallets began testing Ordi transfers in September, when it was only at 3 dollars. If discovered, it would definitely lead to a huge fortune. The same logic can be considered for other coins.
Analysis of Holding Addresses
Holding Address 1: Binance wallet
Holding Address 2: OKX wallet
Holding Address 3: OKX wallet
Holding Address 4: Unknown, possibly a large holder.
Holding Address 5: Unknown, possibly a large holder. Cost is at 10 dollars.
Holding Address 6: Some exchange
Holding Address 7: Gate exchange
Holding Address 8: Large holder, purchased 200,000 tokens on May 20 and July 24 at a cost in the 6-8 dollar range.
Holding Address 9: Some large holder
Due to the lack of labels on the BTC network, each address is analyzed based on its behavior. Some addresses may have uncertainties. In the following analysis, I will try to analyze based on data with high certainty. If there are uncertainties, I will make special notes.
1) First, looking at the holding addresses, it is very certain that compared to May, Ordi has undergone significant changes, with the main chips now concentrated in exchanges. In other words, exchanges are the main battleground. The largest holding is in Binance, with at least 38.4% of Ordi, making it the top holding address for Ordi. Next, OKX also holds at least 12.2% of Ordi, while other exchanges including Gate, Bybit, and Mocha, second-tier exchanges, hold a total of about 10%.
2) Among the top 10 holding addresses, several are likely to be personal holdings of large holders.
The fourth holding address holds 710,000 tokens, worth 40 million US dollars. This large holder used multiple addresses for purchases, mainly concentrated in May and early June, with a final top-up on July 14, with a total cost in the 6-8 dollar range. It seems that this large holder is a firm believer, as they have held on even when the price dropped to 3 dollars. Finally, their patience paid off.
Holding Address 5 is also a personal holding of a large holder, with 644,000 tokens, worth 36 million US dollars. Purchased between May 20 and 22 at a cost of around 10 dollars. Similarly, they are a steadfast believer, as they have held on even when the price dropped by over 70%.
Of course, the above two addresses may also be cold wallets of OKX. However, considering that holding addresses 2 and 3 are more likely to be OKX wallets, and their on-chain behavior does not resemble exchange behavior, the probability of them being personal large holder wallets is higher.
3) Among the top 10 holding addresses, none of the addresses obtained Ordi through Mint. Among Mint users, the largest holder is in the 19th to 27th ranking wallets, a total of 9 addresses, each holding 100,000 tokens, totaling 900,000 Ordi. Based on on-chain behavior, it is almost certain that these belong to the same person. Calculated at 60 dollars per Ordi, this user has gained 50 million US dollars in profit, making them the biggest winner of Ordi.
Among the top 40 holding addresses, we also found 4 addresses that obtained Ordi through Mint, and they may have sold some and now hold between 50,000 and 90,000 Ordi. Their profits could still be in the millions of dollars. However, overall, compared to my analysis in May, where there were 10 Mint users among the top 20 holders, holding a total of over 2 million Ordi, the overall turnover of Ordi has been quite high since May. Early Mint users have already sold off a large amount, and now the earliest Ordi holders are very few.
Analysis of Recent Inflows in Exchanges
As the largest holding address, it is also the largest exchange. We have conducted a statistical analysis of its inflows and outflows over the past 7 days.
We found that on the 6th and 7th, there were net inflows of over 300,000 Ordi each day. However, from the 1st to the 5th, there were not as many inflows. Looking at the recent Ordi market trend, the latest rally started on December 1 and continued until the 5th, rising from 20 to 65 dollars. During these 5 days, there were also net inflows, with the most on the 3rd, totaling 138,000 tokens. However, after the FUD started on the 6th, the net inflows were the highest, with 630,000 tokens flowing in over two days. It can also be observed that there were very few outflows. This indicates that during the Ordi rally, there were many steadfast believers who did not rush to sell. However, when negative news started, panic set in, and on-chain activities showed an influx into exchanges for selling.
Analysis of Binance's Early Accumulation
During our on-chain investigation, we also found an interesting phenomenon. Ordi was listed on Binance on November 7, but Binance's wallet had already started receiving and sending Ordi on September 8. This indicates that Binance had actually made preparations two months in advance. On September 8, the price of Ordi was only at 3 dollars. If we had monitored Binance's wallet on-chain in advance, we could have known this information early and made a fortune by buying at 3 dollars. This approach can also be considered for other coins.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
