According to a report from Odaily Planet Daily, on-chain monitoring platform Lookonchain has detected a massive movement from the "1011 Insider Whale" address, controlled by trader Garrett Jin. Between May 6 and May 10, 2026, this address transferred a total of 577,700 ETH to the Binance exchange. At the average transfer price of around $2,337 per ETH, the total value of the transaction reached about $1.35 billion. Lookonchain, known for tracking high-value blockchain transactions, flagged this activity as a rare and sizable institutional-level deposit.
Since the transfers were completed, Lookonchain’s data indicates that Ethereum’s market price has declined continuously. As of the latest data, the price of ETH has dropped by more than 20% from the $2,337 mark, which translates to a price below roughly $1,870. This whale movement and the steep drop in ETH price coincide closely in time, sparking widespread discussion across the cryptocurrency community about the potential correlation between large exchange inflows and subsequent market downturns.