Bitcoin OG Garrett Jin withdrew 80,000 Ethereum from Binance during a broad market downturn, with the transfer valued at roughly $168 million based on prevailing prices. On-chain trackers reported the movement in real time. Bitcoin slipped under $71,000, while Ethereum fell below $2,100 in the same session.
On-Chain Data Reveals Shared Address
CoinGecko data showed the total crypto market cap dropped to nearly $2.4 trillion. Traders noted Jin’s pattern of moving funds during extreme price swings. Large exchange withdrawals often attract attention as potential positioning signals. Jin previously deposited large ETH holdings into Binance in late 2025, a contrast to the latest outflow seen by observers as a shift in exposure rather than a routine transaction.
Blockchain data shows that Garrett Jin and a firm called Trend Research used the same Binance deposit address on the same day. Jin sent 10,000 ETH (approx. $20.4 million) to that address, shortly followed by Trend Research transferring nearly 7.989 million USDT. Analysts described the pattern as unusual for separate entities managing large portfolios; exchange routing systems may explain part of the overlap.
The address balance rose from under $25 million to more than $30 million within a short period. Some market participants viewed this as liquidity management during volatile trading, while others questioned if the transfers reflected shared strategies. No public confirmation of collaboration has been reported.
Large Holders’ Exposure and Losses
Several high-profile Ethereum investors have reported heavy losses. Tom Lee of Bitmine bought over 4.2 million ETH at an average cost of $3,854; falling prices reduced that position’s value by billions. Garrett Jin swapped about 35,991 BTC for Ethereum and recorded losses above $770 million. He also opened a leveraged long position involving 223,340 ETH, later liquidated for roughly $195 million.
Trend Research’s Jack Yi purchased 651,000 ETH for about $1.46 billion at an average price of $3,300, with unrealized loss now near $680 million. Jin currently still holds over 30,600 BTC valued above $2 billion despite market weakness, reflecting diversified exposure across major assets.