Garrett Jin Moves $1.35B in ETH to Binance

Garrett Jin transferred 577,896 ETH, roughly $1.35 billion, to Binance over a four-day period, increasing Binance’s Ethereum holdings to about 3.62 million ETH, according to blockchain analytics firm Lookonchain. The transfers contributed to a rise in inflows to centralized exchanges and higher total exchange reserves.

Lookonchain reported the entire position moved to Binance across the four days. Most of the tokens in Jin’s wallet were acquired via a swap from Bitcoin about eight months earlier, when Ethereum traded near $4,591. Based on that earlier price, the wallet’s value has fallen by about $1.3 billion since the swap.

On-chain data provider CryptoQuant shows Binance now holds about 3.62 million ETH, which represents roughly 24.6% of ETH held on centralized exchanges. CryptoQuant also recorded total exchange reserves rising from about 14.36 million ETH on May 5 to roughly 14.95 million ETH in recent data. An analyst monitoring flows highlighted a pattern of hourly spikes in ETH inflows to Binance during May.

Institutional transfers added to recent exchange activity. Asset managers BlackRock and Fidelity moved more than 35,000 ETH into Coinbase Prime last week, according to on-chain trackers. Large transfers by institutional holders and whales affect available balances on exchanges.

On-chain analysts note that large transfers to exchanges do not always result in immediate sales. Wallets are sometimes moved to post collateral, rebalance liquidity across platforms, or stage large trades that may be executed later.

Whether the deposited ETH will be sold or used in other ways will depend on subsequent on-chain movements and order-book behavior on centralized exchanges.