Ethereum whale send $1.35B go Binance, e make people fear say dem go sell off
Lookonchain don report say one Ethereum whale, Garrett Jin, move 577,896 ETH (about $1.35B) go Binance inside four days (May 10–11 dem flag am). Traders dey watch am as possible sell catalyst because Jin cost basis for the ETH na from earlier BTC-to-ETH swap around $4,591, so dem estimate say im get about ~$1.3B unrealized loss. But the inflows to exchange fit also mean collateral or OTC/liquidity management, no be immediate sell.
Bigger supply signals mixed. CryptoQuant data show total Ethereum exchange reserves climb from 14.36M ETH (May 5) to 14.95M ETH, with Binance holding ~3.62M ETH (about 24.6% of CEX ETH). Articles still mention institutional and ETF flows: BlackRock and Fidelity reportedly deposit 35,000+ ETH into Coinbase Prime, while US spot Ethereum ETFs see $103.6M net outflows on May 7 after four-day inflow streak.
Price takeaway: analysts talk say ETH must reclaim $2,400 to keep recovery; otherwise e fit head toward $2,100. As of May 12, ETH still trading near ~$2,300, show market never fully absorb the whale’s Binance inflow yet.
Bearish
For short term, di big Binance inflow from one Ethereum whale dey raise sell-pressure risk for ETH, especially as dem report say the estimated unrealized losses linked to Jin’s earlier BTC-to-ETH swap big. At di same time, exchange-reserve growth (including Binance share of CEX ETH) dey support idea say supply fit turn available for selling.
But di bearish case no one-side. Di reports show say exchange transfers fit be used for collateral/OTC liquidity management, and other institutional activity (Coinbase Prime deposits) plus mixed ETF flow (ETFs wey turn to net outflows after one streak) dey complicate one clean “immediate dump” story. Still, price action remain di decider: with ETH around ~$2,300 and analysts dey cite $2,400 as di key recovery level, traders fit lean defensive until absorption don confirm and ETH hold above key support, otherwise downside to ~$2,100 still plausible.