A cryptocurrency wallet linked to Garret Jin, described as a Trump insider, has moved over $1 billion worth of Bitcoin (BTC) and Ethereum (ETH) to exchanges in a massive liquidation event. Blockchain tracking data shows the transfers occurred over a short timeframe, with the total estimated value exceeding $1 billion at recent market prices.
The same wallet had previously gained notoriety for recording a single trade profit of over $250 million during October's crypto market rally, leading social media commentators to attribute a "100% win rate" to its operator. The recent sell-off, however, marks a stark contrast to this earlier bullish positioning.
Further reports indicate the selling pressure has continued, with the entity identified as Garrett Jin transferring nearly $900 million in BTC and ETH to Binance within a 48-hour period. Specific transactions include over $350 million worth of Bitcoin and a deposit of 261,000 ETH (worth approximately $545 million) to the exchange.
The market reaction included short-term volatility for both Bitcoin and Ethereum prices. Bitcoin is currently holding around $70,300 but faces technical pressure, with analysts noting key support at $67,000 and resistance at $72,500. Ethereum is trading near $2,040, consolidating after the large sell orders created resistance around the $2,100 level.
Market observers suggest this activity may be a strategic de-risking move following a reported $250 million liquidation event earlier in February, prompting the whale to exit positions and potentially move into stablecoins. The scale of the selling has introduced significant overhead supply, testing whether buyer demand can absorb the volume without causing further price declines.
