In-depth analysis of Ordi on-chain data: The main battlefield has shifted and the biggest winner has earned up to 400 million RMB

The biggest winner of ordi, minted 900,000 tokens and held them till now, earning up to 50 million USD. But overall, the proportion of ordi minted is very small, estimated to be less than 10%. The two largest personal addresses hold 710,000 and 640,000 respectively, ranging from 6 to 10 USD, and have not moved so far.

Ordi's coin holding address has undergone tremendous changes, and the chips have been concentrated in the exchange. Binance and OK will be the main battlefield in the future.

The FUD in the last two days has caused more than 700,000 ordis to rush into the exchange. In contrast, during the rally this week, only a few hundred thousand ordis made a profit, which is even less. So the rally turns people into believers, and panic makes people surrender their chips.

During the investigation, I discovered a little secret, which I will tell you quietly. Binance-related wallets started testing ordi transfers in September, when it was only $3. If you discover it, you will definitely get rich. The same logic can be considered for other currencies.

1. Analysis of currency holding addresses

Holding address 1: Binance wallet

Holding address 2: Ok wallet

Holding address 3: OK Wallet

Holding address 4: Unknown, may be a big investor.

Position address 5: unknown, may be a big investor. Cost is $10

Position address 6: a certain exchange

Position address 7: gate exchange

Position address 8: Large investor, purchased 200,000 on May 20 and July 24 respectively

Position address 9: A large account

Due to the lack of labels on the BTC network, I analyze each address one by one based on its behavior, and some addresses may be uncertain. In the following analysis, I will try my best to analyze based on data with high certainty. If I encounter any uncertainty, I will make special explanations.

First of all, from the perspective of holding addresses, it is very certain that compared with May, ordi has undergone a very big change, and the main chips have been concentrated in exchanges. In other words, exchanges are the main battlefield. Among them, Binance has the largest holding volume, with at least 38.4% of ordi, and is also the largest holding address of ordi. Secondly, OK also owns at least 12.2% of ordi. The total holdings of other exchanges, including gate, bybit, matcha and other second-tier exchanges, are about 10%.

Among the top 10 holdings, there are several large holders who are likely to be individuals. The fourth holding address has 710,000 coins worth 40 million US dollars. The large holder purchased from multiple addresses, mainly in early May and June, and made the last replenishment on July 14, with a total cost of 6 to 8 dollars. It seems that the large holder is a firm believer, and he did not move even when the price dropped by 3 dollars. Finally, the bitterness paid off. Holding address 5 is also a large individual holder, with 644,000 coins worth 36 million US dollars. He bought from May 20 to 22, and the cost was about 10 dollars. He is also a firm believer. And later it fell by more than 70%, but it still did not move. Of course, the above two addresses may also be OK cold wallets. But considering that holdings 2 and 3 are more likely to be OK wallets. And the on-chain behavior is not like the exchange behavior, the probability of individual large wallets is higher.

Among the top 10 holding addresses, none of the addresses have ordi minted. Among the minting users, the wallets ranked 19 to 27 hold the most, with a total of 9 wallet addresses, each of which minted 100,000 ordi, for a total of 900,000 ordi. Judging from the on-chain behavior, it is basically confirmed that they are owned by the same person. Calculated at $60 for ordi, this user earned $54 million, making him the biggest winner of ordi. Among the top 40 holdings, we also found that 4 addresses also minted ordi, and they may have sold some of them, and now hold 50,000 to 90,000 ordi. The income can still be several million US dollars. But overall, compared with my analysis in May, in May, only 10 addresses in the top 20 holdings were minting users, holding a total of more than 2 million ordi. Therefore, since May, the overall turnover rate of ordi has been relatively high. Early minting users have already changed hands in large numbers, and now there are very few of the earliest ordi.

2. Analyze the recent inflows in the exchange

As the largest holding address and the largest exchange, we have counted its transfers in and out in the past seven days. We found that on the 6th and 7th, there was a net inflow of more than 300,000 ordi every day. From the 1st to the 5th, there was not as much as in these two days. From the perspective of the ordi market, the latest round of pull-ups was from December 1st to the 5th, from 20 to 65 dollars. Although there was a net inflow in these five days, the largest inflow was 138,000 on the 3rd. However, after the FUD started on the 6th, the net inflow was the largest, with 630,000 inflows in two days. And it can be found that very few were transferred out. This shows that when ordi was pulled up, there were many firm optimists who were not in a hurry to sell. On the contrary, when there was a bearish FUD, panic began, and the chain began to rush into the exchange to sell.

3. Analysis of Binance’s early accumulation of funds

When we investigated on the chain, we also found an interesting phenomenon. Ordi was launched on Binance on November 7, but Binance's wallet had already started transferring in and out of Ordi as early as September 8. This shows that Binance actually prepared two months in advance. On September 8, Ordi was only $3. If we monitor the Binance wallet on the chain in advance, we may know this information in advance and buy it at $3, which is a sure way to get rich. This idea can be considered for other coins.