Onchain data is drawing attention to two large $ETH whales after analysts spotted a shared Binance deposit address. According to Lookonchain, wallets are tied to Garrett Jin and Trend Research. Both routed funds through the same Binance address before reaching a Binance hot wallet. The discovery comes after both entities reported heavy losses during recent Ethereum market volatility. The link has sparked debate across the crypto community. About whether the activity shows coordination or just normal exchange behavior.
Shared Deposit Route Raises Questions
Onchain tracker Lookonchain said the address starting with 0xcdF acted as a middle step before funds reached Binance. One day earlier, a wallet tied to Trend Research sent about 7.98 million $USDT to that Binance address. The funds then moved to a Binance hot wallet. At around the same time, another large wallet linked to Garrett Jin sent 10K $ETH through the same Binance address. That transfer also ended up at the same Binance hot wallet.
据 Lookonchain 监测，其标记的 0xcA0 开头“$BTC OG 内幕巨鲸”（代理人 Garrett Jin）地址，与易理华旗下 Trend Research 使用了同一个 Binance 存款地址。据链上数据显示，Trend Research 地址于 1 天前将 798.9 万 $USDT 转入 0xcdF 开头地址，随后转移至 0x28C 开头的 Binance 热钱包地址，“$BTC OG…
— 吴说区块链 (@wublockchain12) February 7, 2026
Since both flows used the same deposit route. Some observers suggested a possible connection between the two traders. But others pointed out that exchanges often use shared deposit Binance addresses for different clients. This means the overlap may not signal direct coordination.
Both Traders Suffered Large Losses
The discovery gained attention because both $ETH whales faced major losses during recent market moves. Onchain data show leveraged positions getting hit as Ethereum prices dropped sharply. Trend Research reportedly lost hundreds of millions of dollars after large long positions faced liquidation. Garrett Jin also suffered heavy losses after aggressive leveraged trades. These events happened during a broader market decline. When many leveraged positions across the crypto space were forced to close. The pressure caused a wave of liquidations and added to price swings.
Community Divided on the Meaning
The shared Binance address triggered speculation online. Some users suggested the two entities could be part of a larger coordinated strategy or even the same operator. But other analysts urged caution. They said shared deposit Binance addresses are common on large exchanges. Many traders may use the same routing address without knowing it. One market observer noted that the losses likely came from crowded trades and high leverage, not secret coordination. In fast moving markets, even experienced traders can face forced liquidations if prices move against them.
Focus Shifts to Risk and Leverage
The situation shows the risks of aggressive leverage in crypto markets. Large positions can look safe during calm periods. But when prices drop quickly, liquidation levels can trigger chain reactions. Recent market data already showed billions of dollars in long positions at risk across Ethereum. The losses tied to these whales reflect that broader trend.
Currently, the shared Binance address link remains an onchain observation. Rather than confirmed evidence of coordination. Still, the episode has added another layer of intrigue to an already volatile period for $ETH whales.
