TLDR
- Whale Garrett Jin transferred a total of $1.35 billion USD in ETH to Binance over the course of four days
- Jin originally swapped BTC for ETH eight months ago when ETH was trading at around $4,591 — and is now down nearly $1.3 billion.
- US Ethereum ETFs recorded $103.6 million in outflows on May 7, ending a four-day inflow streak.
- ETH price remained near $2,300-$2,330 despite selling pressure
- Analyst Ted Bellows says ETH must reclaim $2,400 to continue its recovery, or risk falling below $2,100.
Garrett Jain, an Ethereum whale, moved his entire position of 577,896 ETH — worth roughly $1.35 billion — to Binance over the course of four days. Transfers were tracked through the on-chain data platform Lookonchain.
Garrett Jane(#Bitcoin short OG1011) Another 108,169 were deposited $ Ethereum(250.17 million) to Binance in the last hour.
Over the past three days, Garrett Jin has made 352,268 deposits $ Ethereum($824 million) to #Binance It still holds 225449 $ Ethereum($520 million).https://t.co/LyveMqUKoj pic.twitter.com/eJLQ1Pu2tY
– Loconchain (@loconchain) May 9, 2026
Jin, also known online as BitcoinOG1011short, originally acquired ETH via a Bitcoin swap eight months ago when ETH was trading near $4,591. Lookonchain noted that Jin is now down about $1.3 billion in the position.
The deposits included 108,169 Ethereum worth $250 million in one day, after a prior transfer of 78,077 Ethereum worth $178 million to the same exchange.
Transfers to exchanges do not always mean an immediate sale. Whales sometimes move money to manage collateral or liquidity. However, large exchange flows from a single holder tend to raise concerns about potential selling pressure.
Jin still owns 225,449 Ethereum, worth about $520 million at current prices, according to Lookonchain data.
Binance ETH reserves and institutional flows
In addition to the gin transfers, total Ethereum exchange reserves increased from 14.36 million ETH on May 5 to 14.95 million ETH, according to Cryptoquant data. Binance now holds around 3.62 million ETH – roughly 24.6% of the central exchange’s total ETH supply.
BlackRock and Fidelity also added exchange flows last week, sending more than 35,000 ETH to Coinbase Prime. US Ethereum ETFs recorded outflows of $103.6 million on May 7, ending a four-day inflow streak.
Analyst Ted Bales pointed to a series of hourly spikes in Ethereum flows on Binance in May, citing supply buildup as a factor limiting the price recovery. He noted that ETH “lost its parabola” on the 12-hour chart, failing to reclaim the curved support area after breaking below it. He added that ETH could still see a final push higher once Garrett Bullish stops selling.
Key price levels to watch
ETH is trading near $2,306-$2,330 at the time of writing, with modest gains of around 1% over 24 hours.
Ted Bellows said Ethereum It needs to reclaim the $2,400 level to continue its recovery. Missing the $2,300 support could push prices towards $2,100 or lower.
$ Ethereum It lost its parabola and is now failing to regain it.
IMO, once Garrett Bullish stops selling, Ethereum will get its final pump. pic.twitter.com/yOEviTADWN
– Ted (@TedPillows) May 9, 2026
Analyst Tradernaber shared a chart showing ETH consolidating in a range between $2,200 and $2,330. This area has served as a reaction level in previous sessions, and previous consolidations in this area have led to upward expansion. A move above the current range could open the way towards $2,600 to $2,700, while missing it indicates support near $2,030 to $2,100.
Ethereum exchange reserves totaled 14.95 million ETH as of May 5, up from 14.36 million just days ago.
