Do you remember the Bitcoin whale that briefly traded during the market crash on 10/11 and ended up with a profit of over 200 million dollars? That same whale seems to be active again, judging by the recent stablecoin transfers, trading behavior, and Bitcoin movements. Given the size and past influence of this address on the market, this activity is worth analyzing.
1. Binance as a stablecoin conversion layer with high liquidity
On December 1, 2025, at 10:23:11 UTC, the whale sent approximately 110 million USDT (Arbitrum) to Binance through three transactions. Shortly after, approximately 230 million USDC (Arbitrum) was transferred back.
This indicates that Binance is used as a place for stablecoin conversion (USDT → USDC) and/or a liquidity hub for significant balance adjustments. The received USDC ($230M) exceeds the sent USDT ($110M), suggesting that there are likely existing USDC balances on Binance.
2. The movement of bitcoins alongside a long position in ETH
On December 12, 2025, around 07:00 UTC, the whale moved 5,152 BTC to a newly created address.
Previous bitcoin transfers from this entity often coincided with sharp price changes, and this instance was no exception. The transfer occurred at a price of BTC around $92,350, followed by immediate downward pressure. Meanwhile, the whale maintained a significant long exposure on Ethereum.
3. Current positions
The combined unrealized PnL across ETH, BTC, and SOL currently stands at around -$71.2 million. While this is a significant amount, the decline is minor compared to total assets: more than 30,000 BTC, along with large reserves of ETH and stablecoins. The liquidation risk appears remote, although positions are clearly under pressure.
Key takeaway:
Binance continues to be the primary location for large-scale stablecoin conversions, processing large flows of USDT → USDC with minimal friction. Concurrently, the whale moved 5,152 BTC and added long exposure to ETH in a compressed timeframe. This trader remains active, still aggressive, and still worth monitoring in the coming days-weeks.
News is for informational purposes only and not investment advice. Please read carefully before making decisions.
