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    Ethereum Whale Garrett Jin Deposits $1.35B to Binance as ETH Holds $2,300

    Oliver DaleBy Oliver DaleMay 11, 2026
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    Contents:

    Toggle
    • Key Highlights
    • Exchange Supply Metrics and Fund Flows
    • Critical Support and Resistance Zones

    Key Highlights

    • Major holder Garrett Jin deposited $1.35 billion worth of ETH to Binance across a four-day window
    • Jin acquired his ETH position by exchanging BTC eight months earlier at approximately $4,591 per ETH — resulting in an estimated $1.3 billion unrealized loss
    • Spot Ethereum ETFs in the United States saw $103.6 million in net outflows on May 7, breaking a four-day positive flow trend
    • Ethereum maintained trading levels between $2,300 and $2,330 throughout the deposit period
    • Market analyst Ted Pillows suggests ETH requires a move back above $2,400 to sustain upward momentum, with downside risk toward $2,100

    A prominent Ethereum holder known as Garrett Jin has completed transferring his complete position of 577,896 ETH — currently valued at roughly $1.35 billion — to Binance throughout a four-day timeframe. The blockchain analytics platform Lookonchain documented these transfers.

    Garrett Jin(#BitcoinOG1011short) deposited another 108,169 $ETH(250.17M) into Binance in the past hour.

    Over the past 3 days, Garrett Jin has deposited 352,268 $ETH($824M) into #Binance and still holds 225,449 $ETH($520M).https://t.co/LyveMqUKoj pic.twitter.com/eJLQ1Pu2tY

    — Lookonchain (@lookonchain) May 9, 2026

    Jin, who goes by the handle BitcoinOG1011short on social platforms, initially built this ETH position by converting Bitcoin holdings eight months prior when Ethereum was priced around $4,591. According to Lookonchain’s analysis, Jin currently faces an unrealized loss of approximately $1.3 billion on this position.

    The transfer activity featured a single-day deposit of 108,169 ETH valued at $250 million, which came after an earlier movement of 78,077 ETH worth $178 million to the same platform.

    Ethereum (ETH) Price
    Ethereum (ETH) Price

    Depositing assets to exchanges doesn’t automatically signal an immediate sale. Large holders frequently relocate funds for purposes like collateral management or maintaining liquidity access. That said, substantial exchange deposits from individual wallets typically generate speculation around possible selling activity.

    Based on Lookonchain’s tracking, Jin continues to maintain 225,449 ETH in his wallet, representing approximately $520 million at present market values.

    Exchange Supply Metrics and Fund Flows

    Beyond Jin’s deposit activity, aggregate Ethereum holdings across exchanges have increased from 14.36 million ETH recorded on May 5 to 14.95 million ETH, based on CryptoQuant’s data. Binance currently maintains approximately 3.62 million ETH — representing about 24.6% of total centralized exchange Ethereum inventory.

    Ethereum Exchange Reserves
    Source: CryptoQuant

    Institutional players BlackRock and Fidelity contributed to exchange supply increases during the previous week, transferring more than 35,000 ETH into Coinbase Prime. The collective US Spot Ethereum ETF products registered net outflows totaling $103.6 million on May 7, marking the conclusion of a four-day period of positive flows.

    Market analyst Ted Pillows highlighted multiple hourly surges in Ethereum deposits arriving at Binance throughout May, identifying this supply accumulation as one element constraining price advancement. His technical analysis indicates ETH has “lost its parabola” when viewing the 12-hour timeframe, showing failure to reestablish support along the curved zone following a breakdown. Pillows suggested ETH might achieve one more upward movement once “Garrett Bullish” completes his selling activity.

    Critical Support and Resistance Zones

    Ethereum was changing hands around $2,306 to $2,330 during the reporting period, showing approximately 1% appreciation across the 24-hour window.

    According to Ted Pillows, Ethereum must successfully recapture the $2,400 threshold to maintain its recovery trajectory. Breaking below the $2,300 support level could trigger downward movement toward $2,100 or potentially lower targets.

    $ETH lost its parabola and is now failing to reclaim it.

    IMO, once Garrett Bullish stops selling, Ethereum will have its final pump. pic.twitter.com/yOEviTADWN

    — Ted (@TedPillows) May 9, 2026

    Trader and analyst Tradernaber published chart analysis displaying ETH consolidating within the $2,200 to $2,330 boundary. This price zone has historically served as a reaction area during previous market cycles, with past consolidation patterns in this region eventually resolving into upward movements. Breaking above the current consolidation range could establish pathways toward $2,600 to $2,700, whereas losing this zone suggests support testing near $2,030 to $2,100.

    Total Ethereum supply held on exchanges measured 14.95 million ETH as of May 5, marking an increase from 14.36 million recorded just days before.

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    Oliver Dale
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    Editor-in-Chief of Computing.net and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@blockonomi.com

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