Bitforex founder Garrett Jin moved 577,896 ETH (≈$1.35B) to Binance over four days; position is ~49% underwater
first published 2026-05-11T11:30:58Z
A wallet linked to Garrett Jin, founder of the defunct exchange Bitforex, transferred all 577,896 ETH (about $1.35B) into Binance over four days ending May 11, 2026. Jin acquired the ETH roughly eight months earlier by swapping BTC when ETH traded near $4,591; the holding has lost about 49% as ETH trades near $2,330. Onchain records show Jin still holds ~9,343 BTC (≈$757M). It is unclear whether the Binance deposits will be sold or used for other purposes; the move occurs amid broader ETF outflows affecting Ethereum.
AI Analysis
A wallet tied to Garrett Jin deposited all 577,896 ETH (~$1.35B) into Binance over four days; that ETH was acquired ~8 months earlier by swapping BTC when ETH was ~$4,591 and the position is now ~49% below that level as ETH trades near $2,330; Jin still holds ~9,343 BTC (~$757M); whether the Binance deposits will be sold is unclear; ETF outflows are weighing on Ethereum.
Expected Investor Sentiment: Bearish
Potential Market Impact: Significant
