Whale Exodus: $1.35 Billion ETH Flows into Binance
On-chain data reveals that a wallet associated with Garrett Jin, the founder of the now-defunct cryptocurrency exchange Bitforex, has transferred its entire holdings of 577,896 ETH (valued at approximately $1.35 billion) to Binance over a four-day period ending May 11, 2026. The final batch consisted of 225,627 ETH worth around $528.19 million, completing what appears to be a massive position liquidation.
Costly Trade: Position Built Eight Months Ago Now Down 49%
The ETH position was acquired at a heavy cost. About eight months ago, Jin swapped his Bitcoin holdings for Ethereum when ETH was trading at $4,591 per token. Since then, the price of Ether has plummeted to around $2,330, marking a decline of approximately 49% from the entry point. While the exact loss depends on the BTC sale price and trading fees, the implied paper loss runs into hundreds of millions of dollars.
Bitforex Background and Remaining BTC Holdings
Garrett Jin is best known as the founder of Bitforex, a cryptocurrency exchange that collapsed in 2024. Despite the exchange's troubled history, Jin has remained an active on-chain participant, previously drawing attention for large Bitcoin movements to exchanges during 2025–2026. Notably, Jin still holds approximately 9,343 BTC, worth about $757 million at current prices, indicating his overall portfolio remains substantial.
Market Sentiment and Headwinds for Ethereum
The timing of this massive deposit is particularly noteworthy. Ethereum faces significant institutional headwinds, including persistent ETF outflows that have amplified bearish sentiment around the asset. Over the past year, ETH has underperformed relative to BTC, a trend that Jin's apparent ETH liquidation only reinforces. Market participants will now watch Binance's order flow data closely to determine whether these deposits are destined for spot sales or for other purposes.