Wallet Linked to Garrett Jin Sends $1.35B in ETH to Binance

A crypto wallet associated with Garrett Jin transferred roughly 577,000 ETH, about $1.35 billion at current prices, to Binance over several days. The largest single deposit was 225,627 ETH, which arrived a few hours ago. U.S. spot Ether ETFs registered $103.51 million in net outflows on May 7.

On-chain tracker Lookonchain identified the address publicly tracked as #BitcoinOG1011short as the source of the Binance deposits. The total moved ranks among the largest publicly tracked ETH inflows to Binance in recent months. The transfers occurred in multiple transactions over the past days and were confirmed on-chain.

CryptoQuant noted that large inflows to centralized exchanges have often preceded short-term selling or higher volatility, and that such inflows can reflect investor intent to sell or to convert holdings to fiat or stablecoins. On-chain analysts emphasize that exchange deposits do not by themselves prove an immediate sale; transfers also occur for portfolio rebalancing, hedging, custody changes, or institutional operations.

The deposits coincided with notable transfers from U.S. spot Ether ETF issuers. BlackRock’s iShares Ethereum Trust moved 11,475 ETH to Coinbase Prime hours before the large Binance deposit, and Fidelity transferred 23,919 ETH within the next hour. ETF flows on May 7 showed net outflows of $103.51 million, with Fidelity’s FETH accounting for $62.26 million of redemptions and BlackRock’s ETHA at $26.31 million. ETF issuer deposits to custody platforms do not always reach the open market because of redemption and custody mechanics.

Garrett Jin is publicly active on X as @GarrettBullish and served as CEO of the BitForex exchange from 2017 to 2020. BitForex later collapsed in early 2024 amid allegations of mishandled user funds and inflated trading volumes; roughly $57 million in hot wallet funds were reported lost. On-chain investigators linked a wallet associated with Jin to a large short in Bitcoin in October 2025; Jin has denied insider trading allegations, saying the positions belonged to clients and were used for hedging.

On-chain records show Jin-linked addresses moved large amounts of ETH and BTC earlier in the year. On Feb. 15, wallets tied to him deposited 261,024 ETH to Binance. Earlier that month, an 80,000 ETH withdrawal from Binance was recorded on Feb. 5 and a sale of 5,000 BTC followed later in February.

Despite the recent deposits to Binance, the addresses still hold substantial balances. On-chain data shows about 303,618 ETH (approximately $692.5 million) and 9,343 BTC (about $757 million) remain in the related addresses at current prices.

Traders and analysts are watching Binance order books, spot ETH flows and derivatives positioning for signs that the deposits turn into actual sell pressure. On-chain transfer data alone does not reveal whether the deposits are intended for liquidation, hedging or routine portfolio activity, so market participants are monitoring subsequent trading volumes and price action for confirmation.