Ethereum whale Garrett Jin deposited $178 million worth of ETH into Binance on May 8. BlackRock and Fidelity also sent a combined 35,394 ETH to Coinbase Prime within hours.
The combined flow exceeded 113,000 ETH valued at nearly $260 million. The transfers hit exchange-linked platforms as US spot Ether exchange-traded funds (ETFs) absorbed $103.5 million in outflows the day before.
Garrett Jin Trims ETH Stack by Over 20%
The whale, tagged on-chain as #BitcoinOG1011, still holds 303,618 ETH worth roughly $692.5 million. The address also retains 9,343 bitcoin (BTC).
Jin moved 165,000 ETH to Binance two days earlier in a similar pattern. The former BitForex chief executive built his reputation on outsized directional bets.
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.
Spot ETF Issuers Add Operational Pressure
Elsewhere, BlackRock’s iShares Ethereum Trust sent 11,475 ETH worth $26.27 million to Coinbase Prime three hours before the whale move. Fidelity followed with 23,919 ETH worth $54.44 million within the next hour.
ETF deposits to Coinbase Prime do not always translate into spot sales. Issuers regularly use the platform for redemption baskets, custody shifts, and authorized participant flows tied to investor activity.
However, moving coins to exchanges may also signal intention to sell, in which case the moves by Gareth, BlackRock, and Fidelity could ultimately translate into selling.
Both moves coincide with $103.51 million in net outflows from US spot Ether ETFs on May 7. Fidelity’s FETH led with $62.26 million in redemptions, followed by BlackRock’s ETHA at $26.31 million.
ETH traded near $2,289 as of this writing. Traders will watch ETF flow updates and Binance order books for signs the deposits convert into visible spot-market selling.
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