A cryptocurrency address associated with former Bitfinex co-founder Garrett Jin has transferred 5,000 Bitcoin (BTC), valued at approximately $350 million, to the Binance exchange. Blockchain analytics firm Lookonchain identified the transaction as one of the largest exchange deposits of 2025.
The transfer originated from a wallet that analysts have monitored for years and represents about 0.024% of Bitcoin's total circulating supply. Such large deposits to exchanges are often interpreted by the market as potential precursors to selling activity, though they can also be used for collateral in sophisticated trading strategies. The timing coincides with Bitcoin's recent price consolidation between $65,000 and $68,000.
Garrett Jin, known online as BitcoinOG1011short, is a controversial figure who co-founded Bitfinex in 2012 and left in 2017. His reputation was further impacted in October 2025 by insider trading allegations after he placed large short positions before a market downturn, though no formal charges were filed.
Market analysts offered varied interpretations, emphasizing the psychological impact on retail investors who monitor 'whale' movements and the potential for increased volatility. The transaction likely triggered compliance protocols at Binance, as regulators increasingly scrutinize large cryptocurrency movements under guidelines from bodies like the Financial Action Task Force (FATF).
Separately, on-chain data reveals that centralized exchanges now hold nearly 3 million BTC, worth about $200 billion, which constitutes roughly 15% of Bitcoin's circulating supply. Binance leads with 30% of these exchange-held reserves, followed by Bitfinex (~20%), Robinhood, and Upbit (~8.2% each). Analyst Darkfost attributes the high reserves to the expansion of exchange services like lending, margin trading, and derivatives, which require significant liquidity.
Concurrently, market analyst Lennaert Snyder noted a bullish market structure break for Bitcoin after it surpassed the $67,320 level, with the next liquidity target near $71,453. Bitcoin was trading at $67,458.88 at the time of reporting.
