Bitforex founder Garrett Jin transfers $1.35B ETH to Binance
A wallet attributed to Garrett Jin, founder of the collapsed Bitforex exchange, deposited all 577,896 ETH to Binance in four days, totaling about $1.35B. The final batch was 225,627 ETH (about $528M at current prices).
Jin acquired the ETH by swapping BTC when ETH traded around $4,591 per coin about eight months ago. Since then, ETH is near $2,330, implying roughly a 49% loss in ETH terms. The article notes the exact P&L depends on the BTC-to-ETH swap price and any fees.
Despite the ETH drawdown, Jin still holds about 9,343 BTC worth roughly $757M. If the Binance deposits translate into spot selling, it would add near-term sell-side pressure.
Traders will likely watch Binance order-flow and exchange inflow data to confirm whether this ETH is being liquidated or routed elsewhere. The timing also matters for sentiment: the piece links the move to broader concerns about Ethereum underperformance versus BTC and persistent ETF outflows affecting market momentum.
Bearish
This is likely bearish for ETH in the short term because 577,896 ETH (about $1.35B) has been moved to Binance within days—an action that often precedes liquidity events. The article frames it as a costly BTC-to-ETH swap made near $4,591/ETH, while ETH is now far lower, implying large potential selling pressure if the deposits are liquidated.
Historically, big exchange inflows tied to prior off-chain/low-basis accumulation frequently pressure the asset during the window when traders interpret flows as sell intent (e.g., notable “whale” exchange deposit waves). Even if some portion is later routed to derivatives, trading desks generally discount near-term upside until outflow data or executed orders contradict the “sell” narrative.
Longer term, if no spot selling follows and on-chain evidence suggests the ETH is hedged or used for other strategies, the impact can fade. Still, with the backdrop of Ethereum underperformance versus BTC and persistent ETF outflows mentioned in the piece, traders may remain cautious, keeping demand below what pure technical setups might otherwise suggest.