Ethereum whale Garrett Jin deposits $178M ETH to Binance, ETF issuers move additional 35,394 ETH to Coinbase Prime
Ethereum whale Garrett Jin deposited 165,000 ETH (worth $178 million) into Binance on May 8, continuing a pattern after moving a similar amount two days earlier. Simultaneously, BlackRock and Fidelity sent a combined 35,394 ETH to Coinbase Prime within hours. The total flow exceeded 113,000 ETH valued at nearly $260 million, as US spot Ether ETFs absorbed $103.5 million in net outflows the day before. Garrett Jin, tagged as #BitcoinOG1011 on-chain, reduced his ETH stack by over 20% and still holds 303,618 ETH worth roughly $692.5 million, along with 9,343 BTC. His track record includes a $735 million BTC short placed before the October 2025 crash. The wallet has rotated between BTC and ETH multiple times in 2026. Whether the latest deposit reflects spot selling, hedging, or portfolio rebalancing is not visible on-chain. For wallet and key holders, the large deposits to exchanges could signal selling pressure, potentially impacting ETH price. ETF issuers moving ETH to Coinbase Prime may also precede redemptions or sales. Holders should monitor exchange order books and ETF flow data for further signs of conversion to spot market activity. The moves coincide with $103.51 million in ETF net outflows on May 7, with Fidelity's FETH leading at $62.26 million."
关键事实
- Whale Garrett Jin deposited $178M ETH to Binance on May 8.
- BlackRock and Fidelity sent 35,394 ETH to Coinbase Prime.
- Total flow exceeded 113,000 ETH valued at $260 million.
- Jin still holds 303,618 ETH and 9,343 BTC.
- US spot Ether ETFs saw $103.5M net outflows on May 7.