Ethereum

Prime

BlackRock

Crypto whale Garrett Jin is making a decisive pivot away from Ethereum <a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a> and into <a href="https://x.com/search?q=%24BNB&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BNB</a>, with on-chain analytics platform Lookonchain flagging a withdrawal of 71,066 BNB worth around $48.47 million on May 15, executed over the span of just seven hours.
The move is the latest chapter in a broader repositioning by one of crypto's most-watched wallets. <cite>Jin had previously acquired 71,066 BNB worth $48.22 million while simultaneously depositing 577,896 ETH worth $1.35 billion into Binance.</cite>
<h2 id="a-costly-eth-position-being-unwound">A Costly ETH Position Being Unwound</h2>
<cite>Jin originally swapped Bitcoin for ETH eight months ago at around $4,591, well above the current trading price of approximately $2,300.</cite><cite>With ETH now holding near $2,300, Lookonchain noted he is sitting on roughly $1.3 billion in unrealized losses.</cite>
<cite>His position represents one of the largest single-wallet inflows to a centralised exchange in Ethereum's recent trading history.</cite><cite>He has moved funds between Bitcoin and Ether positions several times in 2026,</cite> and his trading activity has consistently drawn scrutiny from analysts and traders watching for broader market signals.
<cite>He has moved funds between Bitcoin and Ether positions several times in 2026, with on-chain reports showing he withdrew 80,000 ETH from Binance as far back as February 5.</cite><cite>On February 15, wallets linked to Jin deposited 261,024 ETH worth $543 million to Binance in multiple transfers.</cite>
<h2 id="wider-eth-supply-pressure-mounts">Wider ETH Supply Pressure Mounts</h2>
Jin's rotation is playing out against a backdrop of rising ETH exchange reserves. <cite>CryptoQuant data shows total Ethereum exchange reserves climbed from 14.36 million ETH on May 5 to 14.95 million ETH in the days that followed, a sustained increase that signals broader accumulation on exchanges.</cite><cite>Binance now holds approximately 3.62 million ETH, equivalent to 24.6% of all ETH held on centralised exchanges.</cite>
Institutional flows have added further pressure. <cite>BlackRock and Fidelity deposited more than 35,000 ETH into Coinbase Prime in the same week.</cite><cite>The moves coincided with $103.51 million in net outflows from US spot Ether ETFs on May 7.</cite>
<cite>A transfer to an exchange does not guarantee an immediate sale. Whales sometimes move funds for collateral posting, liquidity management, or OTC desk activity.</cite> Still, the scale of Jin's moves, combined with his apparent shift into BNB, suggests a meaningful change in his directional conviction.
 <a href="https://crypto.news/garrett-jin-ethereum-whale-moves-1-35b-to-binance/" rel="noopener noreferrer nofollow">Crypto.news: Garrett Jin Ethereum whale moves $1.35B to Binance</a> <a href="https://cryptonews.net/news/ethereum/32851434/" rel="noopener noreferrer nofollow">CryptoNews.net: Lookonchain flags Ethereum whale Binance selloff fears</a> <a href="https://phemex.com/news/article/garrett-jin-acquires-4822m-in-bnb-deposits-135b-in-eth-to-binance-81593" rel="noopener noreferrer nofollow">Phemex News: Garrett Jin Buys $48.22M in BNB, Deposits $1.35B ETH to Binance</a>

Whale Dumps Ethereum For Massive BNB Bet

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