Onchain data has drawn significant attention to two large Ethereum (ETH) whales after analysts identified a shared Binance deposit address linking their transactions. According to the onchain tracker Lookonchain, the wallets are associated with prominent entities: one is tied to trader Garrett Jin, and the other to the investment firm Trend Research.
The shared routing address, beginning with 0xcdF, acted as an intermediary step before funds reached a Binance hot wallet (0x28C). One day prior to the observation, a wallet linked to Trend Research sent approximately 7.98 million USDT to this address, which was then forwarded to the Binance hot wallet. Around the same time, a separate large wallet associated with Garrett Jin routed 10,000 ETH through the identical Binance address, with the funds also ending up at the same destination hot wallet.
The discovery has sparked intense debate within the crypto community regarding whether this activity indicates coordination between the two parties or is merely a normal function of exchange infrastructure. Some observers suggested a potential connection or even a single operator behind both entities. However, other analysts urged caution, noting that large exchanges like Binance commonly use shared deposit addresses for multiple clients, meaning the overlap does not necessarily signal direct coordination.
The finding gained prominence because both entities reportedly suffered massive losses during recent Ethereum market volatility. Onchain data indicates leveraged positions were hit hard as ETH prices dropped sharply. Trend Research is reported to have lost hundreds of millions of dollars after large long positions faced liquidation. Similarly, Garrett Jin incurred heavy losses following aggressive leveraged trades. These events occurred during a broader market decline that triggered a wave of forced liquidations across the crypto space, exacerbating price swings.
The episode has shifted focus to the inherent risks of high leverage in cryptocurrency markets. The situation underscores how large positions can appear stable in calm periods but can quickly unravel, triggering chain-reaction liquidations during rapid price declines. While the shared address link remains an onchain observation rather than confirmed evidence of collusion, it has added a layer of intrigue to an already volatile period for major ETH holders.
