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577,896 ETH Transferred to Binance as Whale Activity Intensifies

Ethereum Whale Transfers 577,896 ETH to Binance – Large Exchange Inflows Highlight Market Pressure

Key Takeaways

• Garret Jin transferred 577,896 ETH worth about $1.35 billion to Binance within four days.
• The largest single disclosed deposit amounted to 225,627 ETH valued at $528.19 million.
• On-chain data indicates Jin is facing approximately $1.3 billion in unrealized losses.
• The ETH/BTC ratio has declined to 0.02887, down more than 6 percent over the past month.
• Mid-sized whale wallets are reducing exposure, while the largest wallet cohort continues accumulating ETH.

577,896 ETH Moved to Binance Within Four Days

On-chain data shows that Garret Jin, founder of the now-defunct crypto exchange BitForex, transferred 577,896 ETH to Binance over a four-day period. The total value of these transfers is estimated at approximately $1.35 billion. The most recent disclosed transaction involved 225,627 ETH, worth $528.19 million at the time of the deposit.

Blockchain analytics platform Lookonchain reported the movements, highlighting the concentration and speed of the transfers. The transactions directed the full amount to Binance, one of the largest crypto exchanges by trading volume. Large inflows of digital assets to exchanges are closely monitored because they can increase available supply on trading platforms.

Eight months earlier, when Ethereum was trading at $4,591, most of Jin’s current ETH holdings were reportedly converted from Bitcoin. With Ethereum now trading significantly below that level, on-chain data indicates that Jin’s position reflects around $1.3 billion in unrealized losses.

ETH/BTC Ratio Declines as Ethereum Underperforms Bitcoin

At the same time as the exchange inflows, Ethereum has been underperforming Bitcoin in relative terms. The ETH/BTC ratio currently stands at 0.02887, marking a decline of more than 6 percent over the past month, according to TradingView data cited in the report.

The ETH/BTC ratio measures the relative strength of Ethereum against Bitcoin. A declining ratio indicates that Ethereum is losing value compared to Bitcoin over the measured period. This relative weakness coincides with the recent large-scale transfers to Binance.

Market participants often track exchange inflows and relative performance metrics together to assess short-term positioning and liquidity conditions. In this case, both the exchange transfers and the ratio movement have drawn attention to Ethereum’s current market structure.

Supply Distribution Shows Diverging Whale Behavior

Data from Santiment provides additional insight into Ethereum’s supply distribution across wallet sizes. According to the reported figures, mid-sized whale wallets holding between 10,000 and 100,000 ETH have been reducing their exposure. This pattern suggests that this cohort is either taking profits or decreasing risk.

In contrast, the largest wallet cohort continues to accumulate ETH steadily. These largest wallets are often associated with institutions, exchanges, or so-called mega whales due to the scale of holdings involved. The data indicates that while some holders are distributing supply, the biggest entities are absorbing part of that selling pressure.

This divergence in behavior highlights that not all large holders are acting uniformly. While certain segments reduce exposure, others expand their positions, leading to a redistribution of supply among different wallet categories.

Previous Large Transactions Linked to Garret Jin

Garret Jin’s wallet activity previously attracted attention in October 2025. At that time, on-chain investigators linked his address to a $735 million Bitcoin transaction that occurred minutes before a major market meltdown associated with tariff-related volatility.

Following allegations of insider trading, Jin stated that the short position involved was a hedge and that the funds belonged to clients. The earlier transaction contributed to increased scrutiny of large wallet movements connected to his addresses.

The recent Ethereum deposits also coincide with additional whale activity. Another large holder transferred approximately $180 million worth of Ethereum to Binance. Separately, an additional 108,169 ETH was deposited to Binance on May 10 by another whale wallet. These combined movements have increased total ETH inflows to the exchange within a short timeframe.

Exchange Flows as a Key Market Indicator

The concentration of deposits into Binance places exchange flow data at the center of current Ethereum market monitoring. Large transfers to exchanges can alter short-term liquidity conditions by increasing the amount of ETH readily available for trading.

At the same time, supply distribution data shows that accumulation by the largest wallets continues despite visible outflows from mid-sized whales. The interaction between exchange inflows and wallet-level accumulation provides a detailed picture of how Ethereum supply is shifting among market participants.

For users of crypto platforms, exchange balances and whale activity are measurable on-chain indicators that can influence short-term volatility and trading conditions. The reported transfers represent one of the largest recent concentrated ETH movements tied to a single entity.

Our Assessment

On-chain data confirms that 577,896 ETH worth approximately $1.35 billion was transferred by Garret Jin to Binance within four days. The transactions occurred against the backdrop of a declining ETH/BTC ratio and reported unrealized losses of around $1.3 billion on Jin’s holdings. Supply distribution data shows mid-sized whales reducing exposure while the largest wallets continue to accumulate. Together, these elements document a significant redistribution of Ethereum holdings and elevated exchange inflows during the observed period.