An address connected to former BitForex CEO Garrett Jin has moved a staggering 577,896 Ether (ETH) — valued at approximately $1.35 billion — to the Binance exchange over just four days, according to blockchain data from Lookonchain and Onchain Lens. The final transaction of 225,627 ETH ($526.59 million) landed on May 10, 2026, capping a series of deposits that rank among the largest publicly tracked ETH inflows to Binance in months.
Jin, known online as @GarrettBullish and often called a ‘Bitcoin OG,’ has a controversial history. His exchange, BitForex, collapsed in early 2024 amid fraud allegations and a $57 million hot wallet loss. In October 2025, on-chain investigators linked his wallet to a $735 million short position on Bitcoin just before a sharp market crash triggered by trade war fears — an incident that drew insider trading scrutiny, though Jin claimed the trade was client hedging.
The latest transfers come on the heels of similar large-scale moves earlier in 2026. In February, wallets tied to Jin deposited 261,024 ETH ($543 million) to Binance. He still holds roughly 303,618 ETH ($692.5 million) and 9,343 BTC ($757 million), leaving traders guessing whether the deposits signal an impending sale, portfolio rebalancing, or hedging.
Adding to the bearish narrative, spot Ether ETFs saw net outflows of $103.51 million on May 7. Notably, BlackRock’s iShares Ethereum Trust moved 11,475 ETH ($26.27 million) to Coinbase Prime, while Fidelity deposited 23,919 ETH ($54.44 million) shortly after. While such flows to Coinbase Prime are part of standard creation/redemption mechanics, their coincidence with Jin’s transfers amplified concerns of increased sell pressure.
Market participants are now closely watching Binance order books and derivatives data for signs that the deposits will convert into actual selling. The sheer size of the moves, combined with Jin’s track record and ETF outflows, has injected fresh volatility fears into the Ether market.
