Ethereum Price Braces For a Major $260 Million Shock
Ethereum whale Garrett Jin deposited $178 million price of ETH into Binance on May 8. BlackRock and Fidelity additionally despatched a mixed 35,394 ETH to Coinbase Prime inside hours.
The mixed circulate exceeded 113,000 ETH valued at practically $260 million. The transfers hit exchange-linked platforms as US spot Ether exchange-traded funds (ETFs) absorbed $103.5 million in outflows the day earlier than.
Garrett Jin Trims ETH Stack by Over 20%
The whale, tagged on-chain as #BitcoinOG1011, nonetheless holds 303,618 ETH price roughly $692.5 million. The tackle additionally retains 9,343 bitcoin (BTC).
Jin moved 165,000 ETH to Binance two days earlier in a related sample. The former BitForex chief executive constructed his repute on outsized directional bets.
His observe file contains a $735 million BTC quick positioned earlier than the October 2025 crash. The pockets has rotated between BTC and ETH a number of instances in 2026.
Whether the newest deposit displays spot promoting, hedging, or portfolio rebalancing shouldn’t be seen on-chain.
Spot ETF Issuers Add Operational Pressure
Elsewhere, BlackRock’s iShares Ethereum Trust despatched 11,475 ETH price $26.27 million to Coinbase Prime three hours earlier than the whale transfer. Fidelity adopted with 23,919 ETH price $54.44 million inside the subsequent hour.
ETF deposits to Coinbase Prime don’t all the time translate into spot sales. Issuers frequently use the platform for redemption baskets, custody shifts, and licensed participant flows tied to investor exercise.
However, transferring cash to exchanges might also sign intention to promote, wherein case the strikes by Gareth, BlackRock, and Fidelity might in the end translate into promoting.
Both strikes coincide with $103.51 million in internet outflows from US spot Ether ETFs on May 7. Fidelity’s FETH led with $62.26 million in redemptions, adopted by BlackRock’s ETHA at $26.31 million.
ETH traded near $2,289 as of this writing. Traders will watch ETF circulate updates and Binance order books for indicators the deposits convert into seen spot-market promoting.
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