Key Highlights
- Major crypto holder Garrett Jin deposited $1.35 billion worth of ETH to Binance across a four-day window
- Eight months ago, Jin exchanged Bitcoin for Ethereum at approximately $4,591 per ETH — current unrealized loss stands at about $1.3 billion
- Spot Ethereum ETFs in the United States saw $103.6 million in net outflows on May 7, breaking a four-day positive flow trend
- Ethereum price maintained stability around the $2,300–$2,330 level despite mounting sell pressure
- Market analyst Ted Pillows highlights that ETH needs to break above $2,400 for sustained recovery, or face potential decline toward $2,100
A prominent Ethereum holder known as Garrett Jin has completed the transfer of his complete position of 577,896 ETH — currently valued at roughly $1.35 billion — to the Binance exchange platform during a four-day timeframe. The movement was detected and reported by blockchain analytics service Lookonchain.
Jin, who operates under the online alias BitcoinOG1011short, initially built this Ethereum position by exchanging Bitcoin approximately eight months prior, during a period when ETH was valued around $4,591 per token. According to Lookonchain’s assessment, Jin currently faces an unrealized loss of approximately $1.3 billion on this investment.
The recent deposit activity featured a substantial single-day transfer of 108,169 ETH valued at $250 million, which came after an earlier movement of 78,077 ETH worth $178 million to the identical exchange platform.
It’s important to recognize that cryptocurrency transfers to trading platforms don’t necessarily signal immediate liquidation plans. Major holders frequently relocate assets for purposes including collateral requirements or liquidity optimization. Nevertheless, substantial exchange deposits originating from individual wallets typically generate concerns regarding possible downward price pressure.
Based on current Lookonchain tracking, Jin retains ownership of 225,449 ETH, representing approximately $520 million at today’s market valuation.
Exchange Reserve Dynamics and Institutional Movement
In addition to Jin’s substantial transfers, aggregate Ethereum holdings across centralized exchanges have expanded from 14.36 million ETH on May 5 to 14.95 million ETH, according to information from CryptoQuant. Binance currently maintains custody of approximately 3.62 million ETH — representing roughly 24.6% of the total ETH supply held across centralized trading venues.
Major institutional players BlackRock and Fidelity contributed to exchange accumulation during the previous week, depositing more than 35,000 ETH into Coinbase Prime. United States-based Spot Ethereum ETFs registered net withdrawals totaling $103.6 million on May 7, bringing an end to four consecutive days of capital inflows.
Market commentator Ted Pillows identified multiple hourly surges in Ethereum deposits flowing into Binance throughout May, suggesting this supply accumulation serves as a constraint on price appreciation. He observed that ETH has “lost its parabolic trajectory” when examining the 12-hour timeframe, struggling to regain the curved support structure following its breakdown. Pillows indicated that ETH might experience one final upward movement once “Garrett Bullish” concludes his selling activity.
Critical Price Thresholds Under Observation
At publication time, ETH was changing hands near the $2,306–$2,330 range, reflecting a modest 24-hour increase of approximately 1%.
According to Ted Pillows, Ethereum must successfully recapture the $2,400 price level to maintain its recovery momentum. A failure to defend the $2,300 support zone could result in price action descending toward $2,100 or potentially lower levels.
Market analyst Tradernaber published technical analysis indicating ETH is currently consolidating within the $2,200–$2,330 price corridor. This particular zone has historically functioned as a significant reaction area during previous market cycles, with past consolidation periods in this region frequently preceding upward momentum. A decisive breakout above the present trading range could establish a pathway toward the $2,600–$2,700 territory, whereas losing this support points toward potential stabilization near $2,030–$2,100.
Total Ethereum reserves held on centralized exchanges reached 14.95 million ETH as of May 5, marking an increase from 14.36 million just several days prior.
