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$VELVET update
Yesterday I reported 3M VELVET (~$5M) moving from Bitget Cold → Hot Wallet.
Today I traced the next step.
The Bitget hot wallet split the funds across 5 newly funded wallets (gas funded by MEXC), each holding 170K–460K VELVET.
Over the last hour, all 5 wallets deposited a combined 1.66M VELVET (~$2.6M) into Gate.
This is a classic distribution pattern:
• Large position → Hot Wallet
• Split across multiple wallets
• Consolidated into exchange deposits
By itself, this isn't confirmation of distribution.
The next things I'm watching are:
• Whale long reductions
• Open Interest decline
• Continued exchange inflows
More updates in my Telegram. ↓
#velvet #velvetusdt
$VELVET update
Yesterday I reported 3M VELVET (~$5M) moving from Bitget Cold → Hot Wallet.
Today I traced the next step.
The Bitget hot wallet split the funds across 5 newly funded wallets (gas funded by MEXC), each holding 170K–460K VELVET.
Over the last hour, all 5 wallets deposited a combined 1.66M VELVET (~$2.6M) into Gate.
This is a classic distribution pattern:
• Large position → Hot Wallet
• Split across multiple wallets
• Consolidated into exchange deposits
By itself, this isn't confirmation of distribution.
The next things I'm watching are:
• Whale long reductions
• Open Interest decline
• Continued exchange inflows
More updates in my Telegram. ↓
#velvet #velvetusdt