A total of approximately 577,000 ETH ($1.35 billion) worth of transfers were made from the digital wallet affiliated with Garrett Jin, one of the wallets closely followed by the crypto world, to the Binance exchange in recent days. According to data provided by on-chain analysis company Lookonchain, 225,627 ETH ($526.59 million) was transferred to Binance just a few hours ago. This transaction was among the largest Ethereum inflows to Binance in recent months.
Garrett Jin and BitForex history
Garrett Jin served as CEO of cryptocurrency exchange BitForex between 2017 and 2020. In early 2024, BitForex was hit by allegations of misuse of user funds and the creation of fake trading volume. It was stated that $57 million was lost from the exchange’s hot wallets during this period. Jin is known on social media under the pseudonym @GarrettBullish, and his wallet can be tracked open to followers with the hashtag #BitcoinOG1011short.
Jin’s reputation became even more controversial in late 2025 when blockchain researchers linked his wallet to a large Bitcoin short position. This position was opened just before a major market crash and totaled $735 million. In his response to the allegations, Jin stated that these funds belonged to the customers and that the position was opened to protect against price movements.
Market impact of large-scale ETH transfers
With the latest transfer, the total amount Jin transferred to Binance became one of the highest ETH inflows in recent months in terms of overall traceability. According to CryptoQuant analysis, large amounts of digital assets diverted to centralized exchanges generally occur ahead of short-term selling pressure and price volatility. These transactions, especially seen in assets such as ETH, are interpreted as investors acting to create liquidity, rearrange their portfolios or act for hedging purposes.
According to many experts, the market takes into account that deposits made only from wallets do not always mean direct large-scale sales, and sometimes there may be different strategies such as portfolio restructuring or hedging.
Despite all this activity, Garrett Jin continues to hold a significant portion of its assets. According to current on-chain data, Jin still has approximately 303,618 ETH (approximately $692.5 million) and 9,343 BTC (approximately $757 million) in his wallet.
ETF outflows and market pressure
Garrett Jin’s transfer of a large amount of ETH to Binance was not limited to individual investor action. On the same days, transfers to the stock market were also observed in Ethereum ETFs belonging to giant financial companies BlackRock and Fidelity. BlackRock’s iShares Ethereum Trust sent 11,475 ETH ($26.27 million) to Coinbase Prime. Shortly after, Fidelity also made a transfer of 23,919 ETH ($54.44 million).
Although these transfers by ETF funds to Coinbase Prime did not automatically mean spot market sales, the fact that they coincided with the same time period made investors nervous. Because ETF issuers can often rebalance their portfolios with such moves or quickly complete clearing transactions with fund participants.
CryptoAppsy According to data, a total net outflow of $103.51 million was recorded from US-based spot Ether ETFs in the week of Jin’s last transfer. Among these figures, the $62.26 million drop from Fidelity’s FETH fund and the $26.31 million drop from BlackRock’s ETHA fund during the relevant week stood out.
The succession of large wallet transfers and ETF outflows created a remarkable environment, especially for bearish traders. Currently, market participants are monitoring order books on Binance, spot ETH movements, and derivative bull/short positions to see if these transfers will translate directly into selling pressure.
