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More than 260,000 ETH, worth $543 million at the time of writing, was deposited to Binance within minutes, marking one of February's largest concentrated Ethereum inflow events. Lookonchain linked the transfers to wallets associated with Garrett Jin, also known as Bitcoin OG, from the 2010s. This move comes as ETH tries to stabilize near $2,000 after the week of macro data revived the risk-on sentiment.
Tracking the whale: Who is Garrett Jin?
A big chunk of 261,024 ETH, worth about $543 million when it was sent to Binance, became one of the biggest single-venue Ethereum events in February, and it put the spotlight on the short-term exchange supply risk right away.
Whale Alert first noticed three transfers in a row - 69,378 ETH, 96,116 ETH, and 95,526 ETH - from 'unknown' wallets.
However, Lookonchain later confirmed that the deposits were linked to addresses connected to Garrett "Bullish" Jin, whom some call Bitcoin OG from the 2010s, but more remembered as an insider who almost perfectly timed the October 10 'Black Friday' crash - the one where crypto market participants lost at least $40 billion.
The transfers went straight to Binance deposit addresses instead of going through other wallets, which makes it more likely that the liquidity will be used soon. More to it, Lookonchain had already tracked the same entity selling 5,000 BTC and withdrawing over $53 million USDT from Binance, which suggests tactical capital rotation rather than long-term custody movement. That transaction history makes it more likely that there's active selling going on from the Jin's side.
Ethereum (ETH), in the meantime, is trading at around $2,074 on Binance right now, down significantly from the highs of January above $3,300. The price structure shows a sharp breakdown, followed by a period of consolidation between $1,900 and $2,150. That range is now like a decision zone, especially when exchange balances are going up.
Vladislav Sopov
Dan Burgin