According to Twitter X @riyuexiaochu, after Binance listed BRC-20 Sats (1000SATS) with Seed Tag Applied, the wallet address 13xjLB…thPoug moved 65 trillion SATS worth of $36 million to the exchange, raising sell-off concerns.
This amount of SATS was collected from 8 addresses that all belonged to the same person because they had similar buying moves in the past. After carrying out the further investigation, the analyst said this whale once owned 1 million ORDI, then sold them on Gate.io on May 12, making at least $5 million in profit. After that, this wallet continued to buy a large amount of SATS in July which is expected to make a huge profit of tens of millions of dollars.
Binance is holding the most SATS, followed by Gate and individual wallets, the analyst added. In less than a day since listing, Binance is holding 19.17% of BRC-20 tokens’ market share, worth $200 million.