A wallet tracked by Arkham Intelligence and linked to controversial crypto trader Garrett Jin deposited all 577,896 ETH worth approximately $1.35 billion into Binance between May 7 and May 10. The final transfer of 225,627 ETH ($528 million) landed on Saturday, completing one of the most closely watched whale movements of 2026.
What makes this even more significant is the backstory. Jin originally swapped most of this ETH from Bitcoin around eight months ago, when Ethereum was trading at $4,591. With ETH now sitting around $2,360, he’s looking at roughly $1.3 billion in unrealised losses on the swap alone.
The transfers immediately raised the question that every ETH holder wants answered: is he selling?
Who Is Garrett Jin?
Jin is one of the most polarising figures in crypto. Tracked publicly as #BitcoinOG1011short on Arkham, he was formerly CEO of BitForex, a crypto exchange that collapsed in 2024 amid allegations of fraud, frozen withdrawals, and the disappearance of $57 million in user funds.
His trading reputation, however, is what draws the most attention. Jin made an estimated $270 million by shorting Bitcoin at $68,000 just before the October 2025 crash. At one point, his combined holdings topped 100,000 BTC worth over $12 billion, making him one of the largest individual holders tracked on-chain.
But 2026 has been brutal. Jin lost roughly $250 million on a leveraged ETH long that was liquidated when prices dipped below $2,300 earlier this year. Arkham reported his Hyperliquid account was left with just $53 after the position was wiped out.
The complete ETH deposit into Binance could represent a final exit from a trade that went catastrophically wrong, or it could be a repositioning into stablecoins or back into Bitcoin. Deposits to exchanges don’t automatically mean sales, but when a wallet moves $1.35 billion in four days, the market pays attention.
The Timing Makes It Worse for Ethereum
Jin’s deposits didn’t happen in isolation. On May 7 and 8, BlackRock and Fidelity, two of the largest Ethereum ETF issuers, also moved significant amounts of ETH to exchange platforms.
BlackRock deposited 11,475 ETH ($26.27 million) into Coinbase Prime. Fidelity followed within the hour with 23,919 ETH ($54.44 million). Combined with Jin’s transfers, more than $1.4 billion in Ethereum moved to exchanges in a matter of days.
On the ETF side, US spot Ether ETFs recorded $103.5 million in net outflows on May 7 alone. Fidelity’s FETH led redemptions at $62.26 million, followed by BlackRock’s ETHA at $26.31 million.
The combination of whale selling pressure and institutional ETF outflows arriving in the same window created what traders call a “confluence of bearish signals.” For ETH holders, it’s a concerning picture.
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
Not All Whales Are Selling
Here’s where the picture gets more nuanced. While Jin was flooding Binance with ETH, another major whale was doing the exact opposite.
A wallet tracked by Arkham as the “Mysterious Whale from ShapeShift” has been steadily accumulating Ethereum throughout the same period. The wallet currently holds 126,634 ETH worth approximately $293 million, making ETH its largest position by far. The wallet’s total portfolio sits at $312 million, up 1.5% on the day.
Arkham’s balance history shows a dramatic accumulation phase that began in early 2025, with the portfolio surging from near zero to over $300 million by mid-year. The whale has been buying consistently near the $2,280 to $2,320 range through Cow Protocol settlements.
So the whale picture is split. One massive seller is dumping $1.35 billion onto exchanges. Another substantial buyer is quietly accumulating hundreds of millions at similar price levels. For ETH’s price, the outcome depends on which side has more conviction and more capital.
What Does This Mean for Ethereum’s Price?
Exchange deposits of this magnitude often precede short-term selling pressure and elevated volatility. CryptoQuant data shows that large inflows to centralised exchanges have historically been followed by price dips in the days and weeks that follow.
However, deposits don’t guarantee immediate sales. Whales routinely move funds to exchanges for portfolio rebalancing, collateral management, market making, or hedging through derivatives. Jin could be converting to stablecoins, repositioning back into Bitcoin, or simply consolidating funds.
The technical picture remains at a crossroads. ETH is trading around $2,360, still pressing against the $2,400 resistance level that has capped every rally since April. The 50-day and 200-day moving averages have converged near $2,330 to $2,367, creating a tight decision zone.
If ETH can absorb the selling pressure from Jin’s deposits and hold above $2,300, it would be a remarkably bullish signal suggesting strong underlying demand. If it breaks below $2,200, the next support sits around $2,100, and sentiment could deteriorate quickly.
The Bigger Lesson for Crypto Investors
Garrett Jin’s story is a cautionary tale about concentrated bets. Eight months ago, he swapped a massive Bitcoin position into Ethereum at $4,591, likely expecting ETH to outperform during what many predicted would be an altcoin-led rally. Instead, ETH has fallen nearly 50% while Bitcoin has held up far better.
The estimated $1.3 billion in losses on that single trade is a stark reminder that even the most experienced and well-capitalised traders can get it wrong. Jin profited $270 million shorting Bitcoin in 2025. He then lost $250 million on a leveraged ETH long in early 2026. And now he’s sitting on over a billion in additional losses from the BTC-to-ETH rotation.
For retail investors, the takeaway is simple. Diversification matters. Position sizing matters. And following whale wallets blindly, in either direction, is not a strategy. What looks like genius in hindsight was just a well-timed bet. And the next bet from the same trader can wipe out everything.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making any investment decisions.
