An X user named Ssbii posted a Minascan screenshot on Tuesday night and asked whose address holds nearly a fifth of the supply, noting that half of it had been sold that day.
The MINA price was already sliding. It printed $0.1714 on Binance spot on Monday, October 5, then traded near $0.0845 at 13:00 UTC on Thursday, a 51% drop in three days. Behind that sat a 4.6x run from the August 12 low of $0.0375.
The Wallet Behind the MINA Price Slide
Minascan lists the account as B62qizfq…3Bim3B6G. No name, no tag, no website. Its balance read 250.06 million MINA at 16:25 UTC on Monday, about 19% of the 1.294 billion supply CoinGecko reports, and 114.43 million at 13:09 UTC on Thursday.
Half sold, then? Not by that chart alone. A 76.4 million MINA payment went to a second address, B62qkYkp…, between Monday afternoon and early Tuesday, and 82.3 million came back on Wednesday. The same pair ran a bigger version a week earlier, 42.3 million out and 100.6 million back. A balance line that jumps like this mixes shuffling with selling, which makes it a thin explanation for the MINA price drop by itself.
Nine Minutes From That Wallet to Binance
What does not look like shuffling is a run of payments for 4,999,999 MINA each. They land in a relay, B62qjEke…TsabL6uzwrX, and leave it for the address Minascan labels Binance Wallet 1 about nine minutes later. The three newest pairs on the relay page all show that gap: 57 and 48 minutes before capture, 5h 30m and 5h 21m, then 10h 48m and 10h 39m.
Over roughly 72 hours the relay page lists 52.85 million MINA arriving from big wallet, and about 71.7 million leaving for Binance Wallet 1 in the same window. The remainder came in from other senders. Supply of that size heading to exchange wallets is the first thing to check when the MINA price drops this fast.
Binance Wallet 1 went from 26.47 million MINA at 12:16 UTC on Monday to 82.30 million at 13:14 UTC on Thursday, a gain of 55.8 million. The wallet has 188,942 recorded transactions and also pays customer withdrawals. A deposit is not a sale. It does put coins on exchange, where a spot market clearing about $43 million a day, per Coinglass, can swallow them.
A second route ran through a fresh single-use address, B62qqzKBf1wb…, which took 28.0 million from the big wallet in three payments and forwarded the same amounts to B62qnefxXz…. That one sent 7.71 million and 2.52 million to a wallet tagged OKX Wallet. Whether those exact coins are the ones that reached OKX cannot be read off the ledger, since the intermediary handles other traffic too.
MINA Price Fell While Funding Flipped
Binance’s MINA perpetual paid +0.01% per eight-hour period on Monday afternoon. By 08:00 UTC Thursday the funding rate was -0.27%, meaning shorts were paying longs while the MINA price fell. Binance’s open interest series climbed from $5.25 million at 00:00 UTC Monday to $9.85 million at 12:00 UTC Thursday.
The long-to-short account ratio fell from 1.41 to 0.75 inside eight hours on Tuesday morning. Across venues, Coinglass showed $244.01 million in 24-hour futures volume against $43.01 million in spot, and $35.61 million of open interest. Futures turnover of that size next to thin spot means derivatives can steer the MINA price more than coins changing hands. NMR’s funding also went deeply negative after its Upbit-driven spike, as covered in our NMR piece.
One Reply Blames the Mesa Upgrade
An X account named J4kezu replied that the address is a Mina Foundation or endowment wallet and that the movements come from Mesa-related redelegation, not selling. It cites no source, and the claim does not explain the MINA price move either way. Minascan carries no label on the address, and the rows traced above are ordinary payments into exchange-tagged wallets.
The Foundation did say in a December 15, 2025 post that it was moving funds into Coinbase and Kraken custody and was not selling. That post names no addresses. Mina Protocol’s latest post, October 2, covers a 4.0.1 maintenance release, and the Foundation’s latest is from July 30. Neither has addressed the wallet as of Thursday afternoon UTC, so who controls the 114 million MINA still on it is unconfirmed.
Mesa Built the Rally, 0.0815 Tests It
The MINA price had a trigger on the way up, too. Mina’s own account said the Mesa upgrade activated on mainnet on September 3 and was live on September 8 with faster blocks and more zkApp capacity. MINA closed at $0.0810 that day and ran to $0.1714. Fast risers have been this site’s theme lately, from NMR to GTC, and a 4.6x run fits the family.
The MINA price now sits under the 61.8% retracement of its August 12 to October 5 run, which is $0.0886. The daily 100-period average is $0.0854. Daily RSI(14) was 34.1 by 13:00 UTC, after a Monday close of 63.0.
Bitcoin trades near $82,500, well over its 100-day average around $72,300. MINA is below its 10-day low, which is a bearish trend-following signal even with Bitcoin firm.
Bear case: a 4-hour close below $0.0783, the September 15 swing low, opens $0.0662, the 78.6% retracement. A 4-hour close back above $0.0815 cancels it.
Bull case: a 4-hour close above $0.0901, Wednesday’s low, opens $0.1045 and then $0.1141, Wednesday’s high. A 4-hour close back under $0.0886 cancels it. Today’s low so far, $0.0815, is a live number as of 13:00 UTC, and prices here are Binance spot unless stated.
