On-chain data reveals that a wallet linked to Garrett Jin, founder of the now-defunct exchange Bitforex, has deposited all 577,896 ETH (approximately $1.35 billion) into Binance over the past four days, effectively liquidating his ether position.
$1.35 Billion ETH Move to Binance
According to CryptoComLearn, the wallet transferred ETH to Binance in batches between May 8 and May 11, 2026. The final deposit of 225,627 ETH (worth about $528 million) brought the four-day total to 577,896 ETH, valued at roughly $1.35 billion at current prices (~$2,330 per ETH).
This massive transfer represents a full exit from a position that was established approximately eight months ago, when Jin swapped a significant amount of Bitcoin for Ethereum at an average price of $4,591 per ETH. With ETH now trading nearly 49% lower, the trade has resulted in hundreds of millions of dollars in unrealized losses.
Costly Trade and Remaining Bitcoin Holdings
Despite the ETH setback, Jin still holds approximately 9,343 BTC, worth around $757 million at current Bitcoin prices (~$81,000). This substantial Bitcoin cache underscores that Jin’s overall portfolio remains strong, even though his ETH bet turned sour.
On-chain analysts note that Jin has been an active whale, previously moving large amounts of Bitcoin to exchanges during 2025-2026. The timing of this ETH deposit is particularly noteworthy, as Ethereum faces persistent headwinds from institutional ETF outflows and a general bearish sentiment relative to Bitcoin. The ETH/BTC ratio has been declining for over a year, and Jin's liquidation could reinforce negative momentum.
Bitforex Background and Market Implications
Garrett Jin is best known as the founder of Bitforex, a cryptocurrency exchange that shut down in 2024 due to regulatory issues. Despite the exchange's collapse, Jin remained an active on-chain participant. Whether the Binance deposits are intended for spot selling or other purposes (e.g., margin collateral) remains unclear, but order flow analysis in the coming days may provide clarity.
The market reacted with a brief 2% dip in ETH price following the news. Industry observers suggest that Jin's move may reflect a broader reassessment among early crypto adopters: as Bitcoin ETF inflows continue to dominate, Ethereum's relative underperformance could prompt more large holders to rebalance.