On-chain analysis has uncovered two large-scale cryptocurrency transfers that appear to have preceded significant market downturns, raising concerns about institutional sell pressure. According to blockchain data, Abraxas Capital may have sold approximately 1,000 Bitcoin (BTC) during yesterday's decline, while BitForex founder Garrett Jin moved over $1.35 billion in Ether (ETH) to Binance just before a 20% price drop.
Analyst EmberCN flagged a deposit of 1,000 BTC (roughly $67.49 million) by Abraxas Capital into Kraken, followed by a withdrawal of $52.72 million in stablecoins USDC and USDT. This transaction pattern is commonly interpreted as a sale. The timing, amid a broader market dip, suggests the asset manager may have contributed to selling pressure on Bitcoin.
In a separate event, blockchain analytics firm Lookonchain reported that Garrett Jin, founder of the collapsed exchange BitForex, deposited 577,717 ETH (valued at $1.35 billion) into Binance between May 6 and May 10. The deposits occurred while ETH was trading near a local peak of $2,337; the price has since fallen roughly 20% to around $1,870. Jin is under investigation by multiple authorities, and the movement of such a large sum from a defunct exchange’s founder has intensified scrutiny.
Neither Abraxas Capital nor Binance has publicly commented on the transactions. While the on-chain evidence does not prove intent, the patterns align with large-scale selling that can exacerbate downward market movements. These events highlight the continued influence of major holders on crypto prices and the growing role of on-chain monitoring in detecting significant market activity.
