Why is the Ethereum whale transfer to Binance important?

Large transfers of Ethereum to exchanges like Binance often signal potential selling activity. Traders monitor whale movements closely because major sell orders can increase short-term market volatility.

Who is Garrett Jin and why are traders watching him?

Garrett Jin, also known online as BitcoinOG1011short, is a large Ethereum holder whose wallet activity has attracted market attention. His recent transfers totalled hundreds of millions of dollars in ETH sent to Binance.

How much Ethereum has Garrett Jin transferred recently?

According to blockchain tracking data, Garrett Jin transferred approximately 352,268 ETH worth around $824 million to Binance over recent days. He still reportedly holds more than 225,000 ETH.

Why do whale sales sometimes pressure crypto prices?

Large holders can create temporary selling pressure because markets anticipate additional supply entering exchanges. Fear of further liquidations can also trigger broader trader caution and profit-taking.

Why is Ethereum holding above $2,300 despite heavy selling?

Ethereum remained resilient because broader market sentiment and buyer demand absorbed the whale-related selling pressure. Traders also continue watching for a possible breakout toward higher resistance levels.

Why are Ethereum ETF outflows important?

US Spot Ethereum ETF outflows suggest institutional investors may be reducing exposure or becoming more cautious in the short term. ETF flows are increasingly viewed as a key indicator of institutional crypto sentiment.

How large were the recent Ethereum ETF outflows?

US Spot Ethereum ETFs recorded approximately $103.6 million in net outflows on May 7. The move ended a four-day streak of positive inflows into Ethereum investment products.

Why is the $2,400 level important for Ethereum?

Analysts view $2,400 as a major resistance zone that could confirm stronger bullish momentum if broken. A successful move above that level may attract additional buying interest from traders.

Cryptocurrency

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Ethereum whale dumps $250M as ETH holds firm

Written by Brie CarterPublished May 11, 2026, 5:20 AM

Ethereum whale Garrett Jin transferred another 108,169 ETH worth roughly $250 million to Binance, raising concerns about additional selling pressure across the market.

Blockchain analytics platform Lookonchain said the latest transfer followed a separate deposit of 78,077 ETH worth approximately $178 million made just one day earlier.

The transactions bring Garrett Jin’s total recent Binance deposits to 352,268 ETH valued at roughly $824 million, although the whale still reportedly holds another 225,449 ETH worth around $520 million at current prices.

At the same time, institutional demand for Ethereum also weakened after US Spot Ethereum exchange-traded funds recorded $103.6 million in net outflows on May 7, ending a four-day streak of positive inflows.

Despite the heavy selling activity, Ethereum remained resilient above the $2,300 level and traded around $2,330 while posting modest daily gains.

Analyst Ted Pillows said Ethereum would likely need to reclaim the $2,400 resistance level to sustain bullish momentum and continue its recovery trend.

However, traders warned that a breakdown below the $2,300 support zone could trigger broader market weakness and potentially push Ethereum back toward levels below $2,100 amid ongoing volatility.

At the time of reporting, Ethereum price was $2,333.14.