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Investors and funds transferred Ethereum worth $260 million to exchanges
Major investor Garrett Jin transferred $178 million worth of ETH to the Binance exchange on May 8. On the same day, investment firms BlackRock and Fidelity sent 35,394 ETH to Coinbase Prime.
The total volume of these transactions exceeded 113,000 ETH. Their value is nearly $260 million. The assets arrived in exchange accounts immediately after a withdrawal of funds from American spot ETFs. The day before, investors withdrew $103.5 million from such products.
Reserves decreased by more than 20%
Analysts identified the address of the mentioned investor as BitcoinOG1011. The wallet owner still holds 303,618 ETH worth about $692.5 million. The account also contains 9,343 Bitcoin (BTC).
Two days earlier, Garrett Jin transferred 165,000 ETH to Binance. The former CEO of BitForex is known for large targeted deals. His trading history includes a short position on Bitcoin worth $735 million. He opened it before a sharp drop in prices in October 2025. Throughout 2026, the investor repeatedly moved capital between Bitcoin and Ethereum.
Open data analysis does not allow a definitive determination of the purpose of the latest transfer. It could be asset sales on the spot market, risk hedging, or portfolio rebalancing.
Capital movement of investment funds
Three hours before the investor’s transaction, the iShares Ethereum Trust from BlackRock transferred 11,475 ETH. The value of these assets was $26.27 million. Within the next hour, Fidelity sent 23,919 ETH worth $54.44 million.
Transferring assets to Coinbase Prime does not always mean an immediate sale. Issuers regularly use this service to redeem shares or change the storage location of assets. These actions are always directly related to investor requests.
Moving coins to exchanges may indicate an intention to sell assets. In such cases, the actions of investors and funds could increase pressure on Ethereum prices.
Both transactions coincided with a net outflow of $103.51 million from American spot ETFs on May 7. The Fidelity FETH fund led the withdrawal volume with $62.26 million. Market participants withdrew $26.31 million from BlackRock’s ETHA fund.