577,896 ETH Moved to Binance as Large Transfers Pressure Ethereum
577,896 ETH Moved to Binance in Four Days – Large Transfers Put Focus on Ethereum Supply and Exchange Flows
Key Takeaways
- Garret Jin transferred 577,896 ETH worth about $1.35 billion to Binance within four days.
- A single deposit included 225,627 ETH valued at $528.19 million.
- The ETH/BTC ratio fell to 0.02887, down more than 6% over the past month.
- Mid-sized whale wallets are reducing exposure, while the largest wallets continue accumulating ETH.
Garret Jin Deposits 577,896 ETH to Binance Within Four Days
On-chain data shows that Garret Jin, founder of the now defunct crypto exchange BitForex, transferred substantial amounts of Ethereum to Binance over a four day period. According to data cited from Lookonchain, Jin deposited a total of 577,896 ETH, valued at approximately $1.35 billion.
The most recent transfer included 225,627 ETH, worth $528.19 million at the time of the transaction. These movements represent the remaining Ethereum holdings linked to Jin that were visible on-chain.
Large inflows of assets to centralized exchanges are typically monitored closely by market participants because they can increase available supply on trading venues. In this case, the scale and speed of the transfers drew attention to Binance’s Ethereum inflows over a short time frame.
Holdings Originated From Bitcoin Swap Near Previous ETH Peak
Eight months ago, when Ethereum was trading at $4,591, most of Jin’s current holdings were swapped from Bitcoin into ETH. Since then, Ethereum has been trading significantly below that previous level.
Based on current valuations cited in the data, Jin is facing approximately $1.3 billion in unrealized losses on these holdings. The shift in price since the earlier swap highlights the difference between Ethereum’s prior market peak and its present trading range.
This historical context is relevant because it links the current exchange deposits to a previous large scale asset reallocation from Bitcoin to Ethereum.
ETH/BTC Ratio Declines as Ethereum Underperforms
At the same time as the large exchange inflows, Ethereum’s relative performance against Bitcoin has weakened. The ETH/BTC ratio stands at 0.02887, reflecting a decline of more than 6% over the past month, according to TradingView data referenced in the source material.
The ratio measures Ethereum’s value in terms of Bitcoin and is commonly used to assess relative strength between the two assets. A declining ratio indicates that Ethereum is underperforming Bitcoin over the measured period.
The timing of the ratio’s decline alongside significant ETH transfers to Binance has placed additional focus on short term market structure and exchange flow data.
Supply Distribution Shows Diverging Whale Behavior
Data from Santiment on Ethereum’s supply distribution shows differing trends among wallet cohorts. Mid-sized whale wallets holding between 10,000 and 100,000 ETH appear to be lowering their exposure. This pattern can reflect profit taking or risk reduction among that group.
In contrast, the largest wallet cohort continues to accumulate ETH steadily. According to the cited data, these entities may include institutions, exchanges, or very large holders. Their accumulation suggests that selling pressure from some participants is being absorbed by larger players rather than triggering broad based distribution across all wallet sizes.
The combination of reduced exposure among mid-sized whales and continued accumulation by the largest wallets points to a consolidation of supply into fewer, larger hands.
Previous High Profile Transactions Linked to Jin
Garret Jin’s on-chain activity has drawn attention before. In October 2025, blockchain investigators linked his wallet to a $735 million Bitcoin transaction. That transfer took place minutes before a major market downturn associated with tariff related volatility.
At the time, allegations of insider trading circulated. Jin rejected those claims, stating that the short position involved was a hedge and that the funds belonged to clients.
The current Ethereum transfers occurred alongside other notable whale movements. One whale transferred about $180 million worth of Ethereum to Binance, and another deposited 108,169 ETH on May 10. These transactions add to the overall volume of ETH entering the exchange during the same period.
Exchange Flows Become Central Market Indicator
The concentration of large deposits into Binance has shifted attention toward exchange inflow data as a near term metric. When significant volumes of ETH move onto a trading platform, the immediate circulating supply available for trading on that venue increases.
In this case, nearly 578,000 ETH entered Binance within four days from a single identifiable source, alongside additional whale deposits. The scale of these inflows has coincided with Ethereum’s relative weakness against Bitcoin and visible changes in supply distribution across wallet sizes.
As a result, Binance’s ETH inflows are being closely tracked in connection with price action and on-chain metrics.
Our Assessment
On-chain records confirm that 577,896 ETH worth about $1.35 billion were transferred by Garret Jin to Binance over four days, including a single deposit of 225,627 ETH valued at $528.19 million. The transfers follow an earlier swap from Bitcoin to Ethereum when ETH traded at $4,591, and current valuations imply around $1.3 billion in unrealized losses.
At the same time, the ETH/BTC ratio has declined by more than 6% over the past month to 0.02887, while supply distribution data shows mid-sized whales reducing exposure and the largest wallets continuing to accumulate. Together, these verified data points place exchange inflows, relative performance against Bitcoin, and wallet distribution trends at the center of current Ethereum market monitoring.
