Garrett Jin, founder of the now-defunct cryptocurrency exchange Bitforex, has moved his entire Ether (ETH) holdings — 577,896 ETH worth approximately $1.35 billion at current prices — to Binance over a four-day period that ended on May 11, 2026. The final transfer consisted of 225,627 ETH (valued at about $528 million), marking the end of a position that has become a costly bet for the former exchange executive.
A Costly Trade: ETH Position Down 49% After BTC Swap
On-chain data shows that Jin acquired the ETH roughly eight months ago by swapping his Bitcoin holdings when Ether was trading at $4,591 per coin. With ETH now hovering around $2,330, the position has lost approximately 49% of its value in dollar terms. While the exact realized loss depends on the original BTC price at which Jin traded and any fees incurred, the implied losses run into hundreds of millions of dollars.
Despite the poor performance of his ETH stash, Jin’s wallet still holds approximately 9,343 BTC, valued at around $757 million at current market prices. This suggests Jin’s overall portfolio remains substantial even after the ill-fated swap. The market is now watching closely to see whether the deposited ETH will be sold on Binance or held for other purposes such as collateral or staking.
Bitforex Ties and Ethereum Exodus
Garrett Jin is best known as the founder of Bitforex, a cryptocurrency exchange that collapsed in 2024. Despite the fall of his platform, Jin has remained an active and closely watched on-chain participant. His previous large transfers of BTC to exchanges had drawn significant market attention throughout 2025 and early 2026.
The timing of this massive ETH deposit adds to the growing pressure on Ethereum. The second-largest cryptocurrency has been facing institutional headwinds, including a streak of ETF outflows that have amplified bearish sentiment. ETH has underperformed BTC significantly over the past year, a trend that has become a hot topic in crypto circles. If Jin’s deposit is confirmed as a sale, it would further reinforce the narrative of ETH underperformance relative to Bitcoin.
It will likely become clear in the coming days, as exchange order flow data is analyzed, whether Jin’s Binance deposits translate into spot sales or are held for other strategies.