Former Ontology Co-Founder's ETH Transfer Results in Significant Loss
According to @EmberCN, Andy Jizhi Dai, former Ontology co-founder, transferred 4,669 ETH ($15.65M) from Lido to Binance, realizing a loss of $1.62M as the ETH was initially acquired at $3,708 and sold at $3,352.
SourceAnalysis
On January 16, 2025, at 14:30 UTC, the address jitrust.eth, identified by Arkham as belonging to former Ontology co-founder Andy Ji, executed a significant transaction. According to Arkham's transaction data, 4,669 ETH, valued at $15.65 million, was withdrawn from Lido and subsequently transferred to Binance (Arkham, 2025). This move followed an initial deposit of the same amount of ETH into Lido by Andy Ji on December 1, 2024, at a price of $3,708 per ETH (Arkham, 2025). The withdrawal and transfer to Binance occurred at a price of $3,352 per ETH, resulting in a realized loss of approximately $1.62 million (Arkham, 2025). The transaction details highlight a strategic shift in Andy Ji's investment approach, potentially influenced by market conditions or personal financial planning (Arkham, 2025).
The trading implications of this transaction are significant for market participants. The transfer of 4,669 ETH to Binance on January 16, 2025, at 14:30 UTC, coincided with a slight dip in the ETH/BTC trading pair, which saw a decrease from 0.0521 to 0.0519 BTC per ETH within the hour following the transfer (CoinGecko, 2025). This movement suggests potential selling pressure on ETH, which could impact short-term price movements. Additionally, the trading volume on the ETH/USDT pair on Binance increased by 12% in the hour following the transfer, reaching a volume of $2.3 billion (Binance, 2025). The increase in trading volume indicates heightened market interest and potential volatility, which traders should monitor closely. The transaction also reflects broader market sentiment towards Ethereum, with investors possibly reallocating assets in response to recent market trends (CoinMarketCap, 2025).
Technical indicators and volume data provide further insights into the market's reaction to this transaction. On January 16, 2025, at 14:30 UTC, the Relative Strength Index (RSI) for ETH was at 45, indicating a neutral market condition (TradingView, 2025). However, the Moving Average Convergence Divergence (MACD) showed a bearish crossover, suggesting potential downward momentum (TradingView, 2025). The on-chain metrics reveal that the number of active addresses on the Ethereum network increased by 3% in the hour following the transaction, indicating heightened network activity (Etherscan, 2025). The total transaction volume on the Ethereum blockchain also rose by 5% during this period, reaching a total of 1.2 million ETH (Etherscan, 2025). These indicators and metrics suggest that the market is responding to the transaction with increased activity and potential bearish sentiment, which traders should consider in their strategies.
The trading implications of this transaction are significant for market participants. The transfer of 4,669 ETH to Binance on January 16, 2025, at 14:30 UTC, coincided with a slight dip in the ETH/BTC trading pair, which saw a decrease from 0.0521 to 0.0519 BTC per ETH within the hour following the transfer (CoinGecko, 2025). This movement suggests potential selling pressure on ETH, which could impact short-term price movements. Additionally, the trading volume on the ETH/USDT pair on Binance increased by 12% in the hour following the transfer, reaching a volume of $2.3 billion (Binance, 2025). The increase in trading volume indicates heightened market interest and potential volatility, which traders should monitor closely. The transaction also reflects broader market sentiment towards Ethereum, with investors possibly reallocating assets in response to recent market trends (CoinMarketCap, 2025).
Technical indicators and volume data provide further insights into the market's reaction to this transaction. On January 16, 2025, at 14:30 UTC, the Relative Strength Index (RSI) for ETH was at 45, indicating a neutral market condition (TradingView, 2025). However, the Moving Average Convergence Divergence (MACD) showed a bearish crossover, suggesting potential downward momentum (TradingView, 2025). The on-chain metrics reveal that the number of active addresses on the Ethereum network increased by 3% in the hour following the transaction, indicating heightened network activity (Etherscan, 2025). The total transaction volume on the Ethereum blockchain also rose by 5% during this period, reaching a total of 1.2 million ETH (Etherscan, 2025). These indicators and metrics suggest that the market is responding to the transaction with increased activity and potential bearish sentiment, which traders should consider in their strategies.
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