On-chain analytics platform Lookonchain reported that trader Garrett Jin deposited 577,717 ETH to Binance between May 6 and May 10, 2026. With ETH averaging $2,337 at the time, the total value of this transfer was approximately $1.35 billion, making it one of the largest exchange-bound ETH deposits recorded recently by on-chain trackers.
Shortly after the massive deposit, the ETH market turned bearish. Prices tumbled from around $2,337, breaking through multiple support levels, and have now fallen over 20%. ETH is currently trading near $1,840, a decline of roughly $497 or 21.3% from the average transfer price.
At current market prices, the 577,717 ETH is now worth about $1.06 billion, marking an on-paper loss of roughly $290 million from the time of deposit. Large exchange inflows are often interpreted as a precursor to offloading, and the timing—almost perfectly hitting ETH’s local price peak—has made this a widely studied case in whale movement analysis. Lookonchain continues to share such data as a key reference for market participants.