Key Highlights
- Cryptocurrency whale Garrett Jin deposited $1.35 billion worth of ETH to Binance across a four-day window
- Jin initially converted Bitcoin to Ethereum eight months prior at approximately $4,591 per ETH — his current unrealized loss exceeds $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 flow trend
- ETH maintained trading levels around $2,300–$2,330 amid elevated selling pressure
- Market analyst Ted Pillows suggests ETH must breach $2,400 resistance to sustain upward momentum, or face potential decline toward $2,100
A prominent Ethereum holder known as Garrett Jin has transferred his complete holdings of 577,896 ETH — currently valued at roughly $1.35 billion — to the Binance exchange throughout a four-day timeframe. The movement was identified by blockchain analytics firm Lookonchain.
Operating under the pseudonym BitcoinOG1011short, Jin initially accumulated this Ethereum position by exchanging Bitcoin approximately eight months ago when ETH was valued around $4,591 per token. According to Lookonchain’s analysis, Jin currently faces an unrealized loss approaching $1.3 billion on this investment.
Among the transfers was a substantial single-day deposit of 108,169 ETH valued at $250 million, which came after a previous movement of 78,077 ETH worth $178 million to the identical platform.
While exchange deposits don’t necessarily indicate imminent selling activity, they frequently serve purposes including collateral posting or liquidity optimization. Nevertheless, substantial exchange influxes from individual major holders typically generate market anxiety regarding possible downward price pressure.
Based on Lookonchain’s tracking, Jin continues to maintain 225,449 ETH in his wallet, representing approximately $520 million at prevailing market rates.
Exchange Supply Growth and ETF Movement
Beyond Jin’s substantial transfers, aggregate Ethereum balances on centralized exchanges have expanded from 14.36 million ETH on May 5 to 14.95 million ETH, based on CryptoQuant intelligence. Binance currently maintains approximately 3.62 million ETH — constituting roughly 24.6% of total centralized exchange Ethereum holdings.
Institutional players BlackRock and Fidelity contributed additional exchange inflows during the previous week, depositing more than 35,000 ETH into Coinbase Prime. The United States Spot Ethereum ETF market registered net outflows totaling $103.6 million on May 7, terminating a four-consecutive-day period of positive flows.
Market commentator Ted Pillows identified multiple hourly surges in Ethereum deposits arriving at Binance throughout May, highlighting the accumulating supply as an obstacle to price appreciation. His technical assessment indicates that ETH has “lost its parabola” on the 12-hour timeframe, struggling to regain the curved support structure after falling beneath it. Pillows suggested ETH might experience one final upward surge once “Garrett Bullish” concludes his selling activity.
Critical Price Thresholds for Traders
At publication time, ETH exchanged hands between $2,306 and $2,330, reflecting a moderate 24-hour increase of approximately 1%.
According to Ted Pillows’ analysis, Ethereum must successfully recapture 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.
Chartist Tradernaber presented technical analysis depicting ETH stabilizing within the $2,200–$2,330 band. This price zone has historically functioned as a significant reaction level throughout previous market cycles, with past consolidation periods in this region frequently preceding upward breakouts. A successful breakthrough above the present range may establish conditions for advancement toward $2,600–$2,700, whereas failure to hold positions support around $2,030–$2,100.
Total Ethereum held on centralized exchanges measured 14.95 million ETH as of May 5, marking an increase from 14.36 million recorded just days earlier.
