A wallet linked to Bitforex founder Garrett Jin has deposited all of its 577,896 Ether (ETH) into Binance over the past four days, totaling approximately $1.35 billion, closing out a position he built eight months ago by swapping Bitcoin for Ethereum at $4,591 per ETH. The final transaction of 225,627 ETH (worth about $528 million) arrived on Sunday, July 8, 2026. The move marks a massive unwind of what has become a costly trade, with ETH now trading around $2,330, representing a decline of roughly 49% since the initial swap.
A Costly Trade: Nearly Half Lost
Garrett Jin converted a significant portion of his Bitcoin holdings to Ethereum approximately eight months ago, when ETH was trading near its all-time highs of $4,591. Since then, the second-largest cryptocurrency has lost substantial ground, and the position is now underwater by about 49%. While the exact loss figure depends on the price at which Jin sold his BTC and the fees incurred, the unrealized loss is estimated to be several hundred million dollars. The deposit of the entire ETH stash to Binance strongly suggests an intent to sell, confirming the founder's bearish view on Ethereum in the short term.
Bitforex Background and On-Chain Activity
Garrett Jin is best known as the founder of Bitforex, a cryptocurrency exchange that ceased operations in 2024 following regulatory challenges and management issues. Despite the exchange's troubled history, Jin has remained an active and closely monitored on-chain participant. In 2025 and 2026, he made several large Bitcoin transfers to exchanges, triggering concerns about potential selling pressure. Currently, Jin's wallet still holds approximately 9,343 BTC, valued at roughly $757 million at current prices, indicating he remains a major player in the crypto market. However, the complete liquidation of his ETH position signals a strategic shift in asset allocation.
Market Impact and Ethereum's Headwinds
The timing of this massive deposit is particularly notable as Ethereum faces persistent institutional headwinds, including sustained outflows from Ethereum ETFs and a prolonged underperformance relative to Bitcoin. The ETH/BTC ratio has been trending downward for over a year, raising doubts about Ethereum's price trajectory. Jin's deposit of nearly 580,000 ETH to Binance, if fully sold, would add significant supply pressure and could further dampen market sentiment. On-chain analysts advise monitoring exchange order flow data in the coming days to determine whether the funds are being actively sold or merely parked for other purposes.
Overall, this whale movement underscores the influence of large holders on market dynamics. With Ethereum fundamentals yet to show meaningful improvement, such sell-offs may exacerbate short-term downside risks. The crypto community will be watching closely for further updates on the fate of these tokens.