A wallet allegedly belonging to Garrett Jin, founder of the now-defunct exchange Bitforex, has deposited its entire Ethereum (ETH) holdings into Binance over the span of four days. The final batch of 225,627 ETH, valued at approximately $528.19 million at current prices, completed the transfer on May 11, 2026, bringing the total deposited to 577,896 ETH — roughly $1.35 billion.
A Costly Trade: $1.35B ETH Position Closed at Steep Loss
The move marks the end of a trade initiated about eight months ago, when Jin converted a significant portion of his Bitcoin holdings into Ethereum at a price of $4,591 per ETH. With Ethereum now trading around $2,330, the position has depreciated by approximately 49%, implying a loss of several hundred million dollars depending on the exact selling price of Bitcoin at the time and associated fees.
Despite the disastrous ETH trade, Jin’s overall portfolio remains substantial. On-chain data shows he continues to hold approximately 9,343 BTC, worth roughly $757 million at current market prices. This suggests that his crypto asset allocation, while heavily impacted by the ETH downturn, still commands significant value.
Bitforex Connections and Ethereum's Broader Headwinds
Garrett Jin is best known as the founder of Bitforex, a cryptocurrency exchange that collapsed in 2024. Despite the exchange's notorious end, Jin has remained an active and closely watched on-chain participant. His previous large-scale Bitcoin transfers to exchanges between 2025 and 2026 had already captured market attention multiple times.
The timing of his latest ETH deposits is particularly noteworthy, as Ethereum faces strong institutional headwinds, including persistent ETF outflows that have further fueled bearish sentiment. Over the past year, ETH's relative underperformance against Bitcoin has become a widely discussed topic in crypto circles, and Jin's apparent liquidation of his ETH holdings — if confirmed as a sale — is likely to reinforce that narrative.
Whether these deposits are intended for spot selling or serve another purpose (such as collateral or over-the-counter deals) remains unclear. As exchange order flow data becomes available in the coming days, the market may gain greater clarity. For now, the massive transfer adds to the selling pressure on Ethereum, already struggling to maintain support above $2,300.