Key Highlights
- Crypto whale Garrett Jin deposited approximately $1.35 billion worth of ETH to Binance across a four-day timeframe
- Jin’s initial position came from a BTC-to-ETH swap eight months prior when Ethereum was valued at approximately $4,591 — current unrealized losses exceed $1.3 billion
- Spot Ethereum ETFs in the United States saw $103.6 million in net outflows on May 7, breaking a four-day positive streak
- Ethereum price remained stable in the $2,300–$2,330 range amid mounting selling pressure
- Market analyst Ted Pillows suggests ETH needs to break above $2,400 for continued upside momentum, warning of potential decline below $2,100 otherwise
A prominent Ethereum whale known as Garrett Jin has transferred his complete holdings of 577,896 ETH — valued at roughly $1.35 billion — to the Binance exchange spanning four consecutive days. The blockchain movements were documented by on-chain analytics platform Lookonchain.
The whale, who also operates under the username BitcoinOG1011short, initially accumulated this ETH position through a Bitcoin swap transaction eight months ago when Ethereum was priced around $4,591. According to Lookonchain’s analysis, Jin currently faces unrealized losses approaching $1.3 billion on this trade.
Among the notable transactions, one single-day deposit included 108,169 ETH valued at $250 million, which came after an earlier movement of 78,077 ETH worth $178 million to the identical exchange platform.
While transferring assets to exchanges doesn’t automatically signal imminent selling activity — whales may relocate funds for collateral purposes or liquidity optimization — substantial exchange deposits from individual holders typically generate market concerns regarding possible downward price pressure.
Based on current Lookonchain tracking, Jin maintains a remaining balance of 225,449 ETH, currently valued at approximately $520 million.
Exchange Reserves Rise Alongside Institutional Activity
Extending beyond Jin’s individual transfers, aggregate Ethereum exchange reserves have increased from 14.36 million ETH on May 5 to 14.95 million ETH, according to CryptoQuant metrics. Binance currently controls approximately 3.62 million ETH — representing roughly 24.6% of total centralized exchange Ethereum holdings.
Major institutional players BlackRock and Fidelity contributed to exchange accumulation during the previous week, depositing over 35,000 ETH into Coinbase Prime. US-based Spot Ethereum ETFs documented net outflows totaling $103.6 million on May 7, terminating a four-consecutive-day period of positive inflows.
Market analyst Ted Pillows identified multiple hourly spikes in Ethereum deposits arriving at Binance throughout May, highlighting this supply accumulation as a constraint on price appreciation. He observed that ETH has “lost its parabola” on the 12-hour timeframe, unable to recover the curved support structure after breaking beneath it. Pillows suggested ETH might experience one final upward surge once “Garrett Bullish” concludes his selling activity.
Critical Price Zones Under Observation
ETH was changing hands around $2,306–$2,330 during the latest trading session, showing a moderate 24-hour increase of approximately 1%.
According to Ted Pillows, Ethereum must successfully reclaim the $2,400 threshold to maintain its recovery trajectory. A breakdown below $2,300 support could trigger a decline toward $2,100 or potentially lower levels.
Market analyst Tradernaber presented a technical chart depicting ETH consolidating within the $2,200–$2,330 corridor. This price zone has functioned as a significant reaction level during previous market cycles, with historical consolidations in this region frequently preceding upward price expansion. A breakout above the current consolidation pattern might establish a pathway toward $2,600–$2,700, whereas failure to hold could direct support testing near $2,030–$2,100.
Total Ethereum exchange reserves registered at 14.95 million ETH as of May 5, representing an increase from 14.36 million recorded just days earlier.
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