A crypto wallet linked to Garrett Jin (also known as @GarrettBullish on X), former BitForex CEO, has moved about 577,000 $ETH ($1.35 billion) to Binance over the past few days, according to data from Lookonchain.
The most recent transaction of 225,627 $ETH ($526.59 million) hit Binance a few hours ago. The cumulative transfer rank among the largest publicly tracked $ETH inflows to Binance in months.
This is insane!
Garrett Jin(#BitcoinOG1011short) has deposited his remaining 225,627 $ETH($528.19M) into #Binance.
In just 4 days, he deposited all 577,896 $ETH($1.35B) into Binance.
Most of these $ETH were swapped from $BTC 8 months ago, when $ETH was trading at $4,591. He… pic.twitter.com/1eLE0LUIgo
— Lookonchain (@lookonchain) May 10, 2026
Jin’s address is tracked publicly as #BitcoinOG1011short.
What makes the inflow significant?
Per CryptoQuant, large crypto inflows into centralized exchanges have preceded short-term selling pressure and elevated volatility. “It reflects the intent of investors; whether they want to sell or convert holdings to fiat or stablecoins.”
As Cryptopolitan reported earlier, Garrett Jin drew attention in February for similar large-scale $ETH deposits during the broader market downturn. On February 15, wallets linked to Jin deposited 261,024 $ETH ($543 million) to Binance in multiple transfers.
He has moved funds between Bitcoin ($BTC) and Ether ($ETH) positions several times in 2026. On February 5, on-chain reports showed that Jin withdrew 80,000 ETh from Binance. Later that month, he sold 5,000 $BTC.
Although it is important to mention that deposits alone, as in this case, do not confirm spot sales. Wallets often transfer to exchanges for a number of reasons, including portfolio repostioning or hedging, rather than outright liquidation.
ETF outflows compound the supply pressure
Gareth Bullish transfers did not arrive in isolation.
BlackRock’s iShares Ethereum Trust sent 11,475 $ETH worth $26.27 million to Coinbase Prime hours before Jin’s deposit. Fidelity followed with 23,919 $ETH worth $54.44 million within the next hour.
Both BlackRock and Fidelity are selling $ETH!
BlackRock deposited 11,475 $ETH($26.27M) into Coinbase Prime 3 hours ago.
Fidelity deposited 23,919 $ETH($54.44M) into Coinbase Prime in the past hour.https://t.co/8bR4bqlCRChttps://t.co/qmuDIrPHc6 pic.twitter.com/0b0LGnICAm
— Lookonchain (@lookonchain) May 8, 2026
ETF deposits to Coinbase Prime do not always translate into spot sales since issuers regularly use the platform for redemption baskets, custody shifts, and authorized participant flows.
Even so, the timing amplified market concern.
The moves coincided with $103.51 million in net outflows from US spot Ether ETFs on May 7. Fidelity’s FETH led redemptions at $62.26 million, followed by BlackRock’s ETHA at $26.31 million.
The back-to-back large-scale exchange deposits from one of the most-watched wallets in crypto and ETF outflows gave bearish traders fresh ammunition heading into the week.
Who Garrett Jin is and why this matters
Jin, who also operates publicly on X as @GarrettBullish, was CEO of the cryptocurrency exchange BitForex from 2017 to 2020.
The exchange later collapsed in early 2024 amid allegations of mishandling user funds and fraudulent trading volumes, with $57 million in hot wallet funds lost.
Jin’s reputation grew further in October 2025 after on-chain investigators linked his wallet to a $735 million $BTC short minutes before a major market crash triggered by tariff-related volatility.
He denied insider trading allegations, stating that the funds belonged to clients and the short position was used for hedging.
Jin still holds approximately 303,618 $ETH (worth about $692.5 million) and 9,343 $BTC (worth roughly $757 million) at current market prices.
It is not yet clear from on-chain data whether the latest deposits point to spot selling, hedging, or portfolio rebalancing.
As of now, traders are watching Binance order books, $ETH spot flows, and derivatives positioning for signs that the deposits actually translate into actual sell pressure.
