One of the most closely watched wallets in the crypto world, connected to Garrett Jin, has sent a staggering 577,000 ETH—valued at approximately $1.35 billion—to Binance in recent days. On-chain analysis firm Lookonchain reported that just a few hours ago, 225,627 ETH (worth $526.59 million) was transferred to Binance in a single transaction. This marks one of the largest Ethereum inflows to Binance in recent months.
Background on Garrett Jin and BitForex
Garrett Jin served as CEO of the cryptocurrency exchange BitForex from 2017 to 2020. The exchange was rocked in early 2024 by allegations of misused client funds and inflated trading volumes. Around this time, reports indicated that $57 million disappeared from the platform’s hot wallets. Jin is also known online as @GarrettBullish, with his wallet activity tracked under the tag #BitcoinOG1011short.
Jin’s reputation became even more controversial after blockchain researchers linked his wallet to a massive Bitcoin short position at the end of 2025. The position, opened just before a major market crash, totaled $735 million. In response to these claims, Jin stated that the funds belonged to clients and the shorts were a hedge against price movements.
Market impact of large ETH transfers
With this latest transfer, Jin’s total ETH moved to Binance has become one of the most significant in recent months. Analysis from CryptoQuant suggests that large flows of digital assets to centralized exchanges often precede short-term selling pressure and increased volatility. Such moves with ETH are often interpreted as attempts by investors to generate liquidity, rebalance portfolios, or hedge positions.
According to many experts, wallet deposits do not always translate directly into large-scale selling; these transfers can also reflect portfolio restructuring or various risk management strategies.
Despite this activity, Jin continues to hold substantial assets. Data from blockchain explorers shows his wallet still contains about 303,618 ETH (worth roughly $692.5 million) and 9,343 BTC (around $757 million).
ETF outflows and increased market pressure
Jin’s sizable ETH transfer to Binance was echoed by significant movements from institutional players. On the same day, Ethereum ETFs managed by BlackRock and Fidelity also sent substantial amounts of ETH to exchanges. BlackRock’s iShares Ethereum Trust transferred 11,475 ETH (about $26.27 million) to Coinbase Prime. Shortly after, Fidelity moved 23,919 ETH (about $54.44 million).
Although ETF transfers to Coinbase Prime do not automatically trigger spot sales, the timing of these movements has created unease among investors. ETF issuers often make such transfers to rebalance portfolios or rapidly facilitate exchanges among fund participants during periods of volatility.
Data from CryptoAppsy indicates that the week of these transfers saw net outflows amounting to $103.51 million from US-based spot Ether ETFs. Notably, Fidelity’s FETH recorded a $62.26 million decrease, while BlackRock’s ETHA experienced a $26.31 million drop within the same period.
The wave of large transfers from wallets and ETF outflows has set off alarm bells for traders with bearish positions. Currently, market participants are closely monitoring Binance order books, spot ETH movements, and changes in derivatives positions to assess whether these massive transfers will lead to direct selling pressure.
