Garret Jin, founder of the now-defunct cryptocurrency exchange BitForex, has moved his remaining Ethereum (ETH) holdings to Binance (BNB). Notably, on-chain data shows that he deposited 225,627 ETH, worth $528.19 million.
In total, past wallet activity indicates that Jin transferred approximately 577,896 ETH, worth $1.35 billion, to Binance in just four days, including this transfer.
That said, around eight months ago, when ETH was trading at $4,591, most of Jin’s current holdings have been exchanged for Bitcoin (BTC).
However, with Ethereum trading well below its previous high, the value of Jin’s holdings has fallen sharply. On-chain data shows that it is currently facing approximately $1.3 billion in unrealized losses.
Will Ethereum enter the bearish zone soon?
If we look more closely, sudden and significant inflows in the stock markets often raise concerns about selling pressure and potential capitulation when they coincide with the underperformance of ETH compared to BTC.
This was confirmed by the ETH/BTC ratio, which fell to 0.02887, down more than 6% over the past month.
Although the market has been alarmed by the huge whale deposits, Santiment data on ETH supply distribution paints a more complex picture for Ethereum.
Mid-sized whale wallets with 10,000-100,000 ETH appear to be reducing their exposure, signaling capitulation or profit-taking. Meanwhile, the larger cohort of wallets continues to steadily accumulate ETH.
This implies that institutions, exchanges or mega-whales absorb the selling pressure instead of triggering widespread panic. Simply put, ETH could face uncertainty in the short term, but supply could consolidate in more powerful hands in the long term.
Larger-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. This transfer took place just minutes before a major market collapse triggered by tariff-related volatility. Refuting allegations of insider trading, Jin explained that the short position was a hedge and that the funds belonged to clients.
This coincided with the transfer of another whale from Ethereum worth around $180 million to Binance, while another whale deposited an additional 108,169 ETH on May 10. Ergo, IIf these trends persist through Q2 2026, Binance ETH flows, not ETH/BTC, will be the key metric to watch.
Final summary
- In just four days, a whale deposited $1.35 billion in Ethereum on Binance.
- The ETH/BTC ratio, supply split, and price action all suggest that ETH will be uncertain in the near future.
