Key Highlights
- Cryptocurrency whale Garrett Jin deposited $1.35 billion worth of ETH to Binance across a four-day timeframe
- Jin initially exchanged Bitcoin for Ethereum eight months prior at approximately $4,591 per ETH — currently facing losses near $1.3 billion
- United States Spot Ethereum ETFs saw $103.6 million in net outflows on May 7, breaking a four-day positive flow sequence
- ETH maintained price stability around $2,300–$2,330 range despite mounting selling pressure
- Market analyst Ted Pillows indicates ETH requires a reclaim of $2,400 to sustain upward momentum, otherwise faces potential decline toward $2,100
A major Ethereum holder known as Garrett Jin has transferred his complete holdings of 577,896 ETH — currently valued at roughly $1.35 billion — to the Binance exchange during a four-day window. On-chain analytics provider Lookonchain documented these substantial movements.
Jin, who operates under the online alias BitcoinOG1011short, initially obtained this ETH position by exchanging Bitcoin approximately eight months ago when Ethereum was valued around $4,591. According to Lookonchain’s analysis, Jin is currently experiencing unrealized losses approaching $1.3 billion on this investment.
The transaction series included a notable single-day deposit of 108,169 ETH valued at $250 million, which came after an earlier movement of 78,077 ETH worth $178 million to the identical exchange platform.
While exchange deposits don’t necessarily signal imminent liquidation, they warrant attention. Large holders frequently relocate assets for collateral purposes or liquidity optimization. Nevertheless, substantial exchange deposits from individual wallets typically trigger speculation regarding potential downward price pressure.
According to current Lookonchain tracking, Jin retains 225,449 ETH in his wallet, representing approximately $520 million at present market valuations.
Exchange Reserves and Institutional Movement
In addition to Jin’s activity, aggregate Ethereum holdings across exchanges have increased from 14.36 million ETH on May 5 to 14.95 million ETH, based on CryptoQuant monitoring. Binance currently maintains approximately 3.62 million ETH — representing about 24.6% of the total centralized exchange Ethereum inventory.
Major institutional players BlackRock and Fidelity contributed to exchange accumulation during the previous week, depositing more than 35,000 ETH into Coinbase Prime. United States-based Spot Ethereum ETFs registered outflows totaling $103.6 million on May 7, terminating a four-consecutive-day inflow pattern.
Market analyst Ted Pillows identified multiple hourly surges in Ethereum deposits arriving at Binance throughout May, suggesting this supply accumulation represents a constraining factor on price appreciation. His analysis reveals that ETH has “lost its parabola” when examining the 12-hour timeframe, unable to regain the curved support structure following its breakdown. He suggested ETH might experience one final upward movement once “Garrett Bullish” concludes his selling activity.
Critical Price Thresholds Under Observation
ETH was exchanging hands near $2,306–$2,330 during publication, registering approximately 1% appreciation across the previous 24-hour period.
According to Ted Pillows, Ethereum must successfully recapture the $2,400 threshold to maintain its recovery trajectory. Failure to defend the $2,300 support zone could result in price movement toward $2,100 or potentially lower levels.
Market analyst Tradernaber presented charting data demonstrating ETH consolidation within the $2,200–$2,330 corridor. This price region has historically functioned as a reaction zone during previous market cycles, with past consolidation periods in this area frequently preceding upward expansions. A breakout above the existing range could establish a pathway toward $2,600–$2,700 targets, while breakdown scenarios point toward support zones near $2,030–$2,100.
Aggregate Ethereum exchange holdings measured 14.95 million ETH as of May 5, representing an increase from 14.36 million recorded several days earlier.
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