Ethereum Price Braces for a Major US$260 Million Shakeup.

Ethereum crypto whale Garrett Jin deposited US$178 million worth of ETH into Binance on May 8. BlackRock and Fidelity also sent a total of 35,394 ETH to Coinbase Prime within hours.

The total outflow exceeded 113,000 ETH, worth nearly US$260 million. These transfers occurred to platforms connected to the exchange, as US spot Ethereum exchange-traded funds (ETFs) recorded an outflow of US$103.5 million the day before.

Garrett Jin Reduces ETH Holdings by Over 20%

The crypto whale, tagged on-chain as BitcoinOG1011. still holds 303,618 ETH, worth approximately US$692.5 million. The address also holds 9,343 bitcoins.

Jin transferred 165,000 ETH to Binance two days earlier in a similar pattern.

Its track record includes a short BTC position worth US$735 million, established before the October 2025 crash. The wallet also switched between BTC and ETH several times throughout 2026.

Whether this latest deposit represents a spot sale, hedging, or portfolio rebalancing is not yet clear on-chain.

Spot ETF Issuers Add to Operational Pressure

Meanwhile, BlackRock's iShares Ethereum Trust sent 11,475 ETH worth US$26.27 million to Coinbase Prime three hours before the crypto whale's move. Fidelity then sent 23,919 ETH worth US$54.44 million within the next hour.

ETF deposits to Coinbase Prime don't necessarily translate into spot market sales. Issuers typically use the platform for basket redemptions, custodian changes, and authorized participant flows related to investor activity.
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