Garret Jin, founder of the now‑defunct crypto exchange BitForex, transferred his remaining Ethereum [$ETH] holdings to Binance [BNB]. Notably, on‑chain data shows he deposited 225,627 $ETH, valued at $528.19 million.
In total, prior wallet activity indicates that Jin moved about 577,896 $ETH, worth $1.35 billion, into Binance over just four days, including this transfer.
That said, about eight months ago, when $ETH was trading at $4,591, most of Jin’s current holdings were swapped from Bitcoin [$BTC].
However, with Ethereum trading far below its previous peak, the value of Jin’s holdings has dropped sharply. On‑chain data shows he is currently facing about $1.3 billion in unrealized losses.
Is Ethereum going to enter the bearish zone soon?
If examined closely, sudden large inflows into exchanges often raise concerns about selling pressure and potential capitulation as they coincide with $ETH’s underperformance relative to $BTC.
This was further confirmed by the $ETH/$BTC ratio, which has fallen to 0.02887, down by over 6% in the past month.
Although the market was alarmed by the enormous whale deposits, the Santiment data on $ETH supply distribution paints a more complex picture of Ethereum.
Mid-sized whale wallets with 10,000–100,000 $ETH appear to be lowering their exposure, signaling capitulation or profit-taking. Meanwhile, the largest wallet cohort continues accumulating $ETH steadily.
This implies that institutions, exchanges, or mega whales are absorbing the selling pressure instead of triggering widespread panic. Simply put, $ETH may face short-term uncertainty, but supply may be consolidating into more powerful long-term hands.
More large-scale movements by Garrett Jin
Jin’s reputation gained traction in October 2025 when on‑chain investigators linked his wallet to a $735 million Bitcoin transaction. The transfer occurred just minutes before a major market meltdown triggered by tariff‑related volatility. Refuting insider‑trading claims, Jin explained that the short position was a hedge and that the funds belonged to clients.
This coincided with another whale transferring about $180 million worth of Ethereum to Binance, while another whale deposited an additional 108,169 $ETH on the 10th of May. Ergo, if these trends persist into Q2 2026, Binance’s $ETH flows, not $ETH/$BTC, will be the key metric to watch.
Final Summary
- In just four days, a whale has deposited $1.35 billion in Ethereum into Binance.
- The $ETH/$BTC ratio, supply distribution, and price action all suggest that $ETH will be uncertain in the near future.
