Event Recap: Whale Deposits 6,860 ETH to Binance 4 Hours Ago
According to on-chain analyst Ai Yi, the Hyperliquid whale who previously made $13.68 million by shorting 16 altcoins has allegedly resumed selling ETH. Four hours ago, the address deposited 6,860 ETH (worth approximately $10.8 million) into Binance at a deposit price of $1,574. If sold at current prices, this batch would incur a loss of around $2.86 million, as the whale had accumulated these ETH at an average price of $1,991 during February and March of this year.
Since June 24, the whale has cumulatively transferred ETH worth $21.82 million to exchanges, with estimated total losses reaching $5.485 million. This latest move continues its recent pattern of reducing holdings.
Historical Track Record: $13.68M Profit from Shorting 16 Altcoins
The address first gained attention for precisely shorting 16 altcoins (including several small-cap tokens). On-chain data shows the whale accumulated $13.68 million in profits from short positions between late 2024 and early 2025. Its strategy typically involved opening shorts on centralized exchanges (CEXs) combined with on-chain hedging, demonstrating keen market timing.
However, heading into Q2 2025, the whale shifted to spot accumulation of ETH, building positions in the $1,580-$2,000 range. As ETH prices continued to decline, these holdings fell into significant unrealized losses.
Market Impact and Next Steps
Whale deposits to exchanges are commonly interpreted as potential selling pressure. While 6,860 ETH (~$10.8 million) is not massive compared to institutional moves, it could still exert short-term downward pressure on ETH given currently thin liquidity. If the whale continues to offload, it may trigger copycat behavior among other large holders.
Notably, a whale that once profited from shorting is now taking substantial losses on ETH longs—a strategy shift that may signal a bearish outlook for ETH in the near term. Traders should monitor the Binance deposit address for subsequent withdrawal or sell orders.