Binance collect $1.35B ETH deposit as fears of liquidation dey rise
Binance collect about 577,896 ETH (≈$1.35B) from Garrett Jin, the BitForex founder, over four days wey end May 11, and the last batch na 225,627 ETH (≈$528M). Dis ETH deposit dey make traders worry say fit be big selloff after dem do big BTC-to-ETH swap.
Dem talk say Jin get the ETH about eight months ago wen e swap BTC around $4,591 per ETH. Analysts dey estimate say the position dey tied to about $1.3B unrealised losses now. Even though the timing dey push liquidation story, the later article talk say no confirmed sell orders wey linked during the transfer window.
Traders wan watch Binance outflow/net exchange inflow and order-flow. If the ETH deposit comot from Binance go staking or related contracts, e fit support non-bearish “repositioning” scenario. If ETH remain on-exchange and selling follow, e fit increase downside pressure on ETH.
The move come as Ethereum Foundation sell 100,000 ETH on April 26 near $2,337, add more talk about the power of big holders.
Bearish
This news fit likely bearish for ETH short-term because whale-size ETH deposit go Binance fit precede spot selling or liquidation-driven market impact. The later article add small nuance say no confirmed sell orders dey linked to the transfers during the window, wey little calm the selloff thesis. But the main trading trigger still be whether ETH deposit funds move off-exchange and where dem go.
Short-term: Watch Binance outflow/net exchange inflow and whether ETH begin to leave Binance via withdrawals or contract interactions. If sell-side order-flow show, ETH fit weaken quick given the large unrealized-loss context.
Long-term: If the ETH deposit at the end map to staking/lending instead of liquidation, downside pressure fit fade and market fit treat am as capital repositioning. Until on-chain/exchange order-flow confirm the intent, the probability-weighted impact still skew bearish for ETH.