Two large on-chain transactions drew attention on September 24, 2026, highlighting significant liquidity movements across major crypto venues. According to data highlighted by crypto commentator Lookonchain, trader Garrett Jin withdrew $147 million in USDC from Hyperliquid and deposited it into Binance. The transfer is especially notable because Jin reportedly lost approximately $14.7 million over the past four months trading on Hyperliquid, underscoring the volatility and risks in leveraged DeFi strategies.
USDC, the stablecoin issued by Circle, is a critical source of liquidity in the crypto ecosystem. Hyperliquid has been expanding its DeFi offering, including the recent launch of an S&P 500 perpetual futures contract that further bridges traditional finance and crypto. Jin’s large withdrawal may signal shifting sentiment among traders and raises questions about liquidity depth on Hyperliquid.
In a separate move, Lookonchain reported that a newly created wallet beginning with 0xC374 withdrew roughly $9.93 million in altcoins from Binance. The wallet withdrew 814,020 UNI worth about $7.24 million, 2,382 BNB worth about $1.85 million, and 12,397 Litecoin worth approximately $841,000. UNI accounted for more than 70% of the wallet’s total position.
At the time of the report, UNI had risen about 2% over 24 hours and 20% over the past week, though it remained roughly 79% below its all-time high of $44. BNB was trading about 43% below its record high of $1,370. Traders are watching whether these large withdrawals reduce exchange sell pressure or signal broader repositioning amid mixed market conditions.
