Original Title: "In-depth Analysis of Ordi On-Chain Data, Main Battlefield Has Shifted, Biggest Winner Earns Up to 400 Million RMB"

Original Author: Ri Yue Xiao Chu

1 ordi is the biggest winner, holding 90,000 tokens of mint till now, with profits reaching as high as 50 million US dollars. However, overall, the proportion of mint's ordi is already very small, estimated to be less than 10%. The two largest individual addresses holding positions have 710,000 and 640,000 tokens respectively, valued at 6 to 10 dollars, and have not moved till now.

2 ordi's holding address has undergone significant changes, the chips have been concentrated in exchanges, and Binance and OK will be the main battlefield in the future.

3 Recently, FUD in the past two days has caused over 700,000 ordi to rush into the exchange. In comparison, during the rally this week, there were only tens of thousands of profits, even less. Therefore, the rally turns people into believers, while panic makes people surrender their chips.

4 In the investigation, we also discovered a little secret. Let me tell you quietly. Binance-related wallets started ordi transfer tests in September, with only 3 dollars at that time. If discovered, it is definitely a surefire way to get rich. The same logic can be applied to other currencies.

1 Address Analysis for Holding Coins

Position Address 1: Binance Wallet

Position Address 2: Ok Wallet

Position Address 3: OK Wallet

Position Address 4: Unknown, possibly a large holder.

Position address 5: unknown, possibly a large holder. Cost is $10.

Position Address 6: A certain exchange

Position Address 7: gate exchange

Position Address 8: Major holders, purchased 200,000 respectively on May 20th and July 24th, with a cost of

Position Address 9: A Certain Large Holder

Due to the lack of tags on the BTC network, each address is analyzed based on its behavior, and some addresses may have uncertainty. In the following analysis, I will try to use data with high certainty. If there are any uncertainties, I will make special notes.

Firstly, from the perspective of the holding addresses, it is very certain that there has been a significant change in the distribution of ORDIs compared to May. The main chips are now concentrated in the exchanges, which means that the exchanges are the main battlefield. Among them, Binance has the largest holding of ORDIs, accounting for at least 38.4%, making it the largest holding address for ORDIs. Secondly, OKEx also holds at least 12.2% of ORDIs, while the total holdings of other exchanges, including Gate, Bybit, and Matcha, account for approximately 10%.

2) Among the top 10 positions in terms of holdings, how many are likely to be held by individual investors?

Position address fourth, with 710,000 coins worth $40 million. The large holder purchased through multiple addresses, mainly in May and early June, and added more on July 14th at a total cost of $6-8. It seems that the large holder is a firm believer, as they held on even when the price dropped by $3. Finally, they have reaped the rewards of their patience.

Position address 5 is also a personal holder with 644,000 coins, worth $36 million. It was purchased on May 20-22 at a cost of around $10. He is also a firm believer and has held on despite a drop of over 70%.

Of course, the above two addresses may also be cold wallets for OK. However, considering that the probability of wallet 2 and 3 holding more assets is higher, and on-chain behavior is not like exchange behavior, the probability of personal large wallets is higher.

3) Among the top 10 addresses before holding positions, none of the addresses obtained ordi through minting. Among Mint users, the wallets ranked 19-27 hold the most, with a total of 9 wallet addresses, each minting 100,000, for a total of 900,000 ordi. Based on on-chain behavior, it is basically certain that it is the same person. Calculated at $60 per ordi, this user has earned $54 million in profits, making them the biggest winner of ordi.

Among the top 40 positions in terms of holdings, we also found 4 addresses where ordi is minted. They may have sold some and now hold between 50,000 to 90,000 ordi. The profit can still be in the millions of dollars. However, compared to my analysis in May, where 10 out of the top 20 positions were mint users holding over 2 million ordi in total, the overall turnover rate of ordi has been relatively high since May. Early mint users have already sold a lot, and the earliest ordi holders are now very few.

2 Analyze recent inflows in the exchange

As the largest holding address and also the largest exchange in the industry, we have conducted a statistical analysis of its inflow and outflow over the past 7 days.

We found that on the 6th and 7th, there were net inflows of over 300,000 ordi each day. However, from the 1st to the 5th, there were not as many net inflows. Looking at the recent rise in the ordi market, the last round of increase was from December 1st to the 5th, where it rose from 20 to 65 dollars. Although there were net inflows during these 5 days, the most was on the 3rd with a total of 138,000 ordi. However, after the FUD on the 6th, there were the most net inflows, with a total of 630,000 ordi in two days. It can also be seen that there were very few transfers out. This indicates that during the rise of ordi, there were many steadfast believers who did not rush to sell. Instead, when there was negative news, panic began and people rushed to sell on exchanges.

3 Analysis of Binance's pre-buying situation

When we were investigating on the blockchain, we also discovered an interesting phenomenon. Ordi was launched on Binance on November 7th, but Binance's wallet had already started handling Ordi's transfers on September 8th. This indicates that Binance had actually prepared two months in advance. On September 8th, Ordi was only worth 3 dollars. If we had monitored Binance's wallet on the blockchain in advance, we could have known this information early and bought in at 3 dollars, making a fortune. This approach can be considered for other coins as well.

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