A major Ethereum holder has moved around $1.35 billion worth of ETH to Binance, increasing concerns that the market could face new selling pressure.
The wallet is linked to Garrett Jin, who reportedly transferred 577,896 ETH to Binance over a four-day period. Much of this Ethereum position had originally been acquired by swapping Bitcoin around eight months earlier, when ETH was trading near $4,591.
Based on the current market price, the position is estimated to be sitting on a loss of roughly $1.3 billion.
The large transfer comes at a time when Ethereum reserves on centralized exchanges are rising. This has made traders more cautious, as moving crypto to an exchange is often seen as a possible sign that the holder may be preparing to sell.
Institutional activity has also added to the pressure. BlackRock and Fidelity reportedly moved more than 35,000 ETH to Coinbase Prime last week, further increasing attention around large Ethereum flows.
Exchange deposits do not always mean that a sale is about to happen. Large holders may move funds for liquidity management, collateral purposes, custody changes, or internal portfolio adjustments. However, when several major transfers happen close together, market participants often interpret them as a potential warning signal.
Analysts have also pointed to repeated spikes in Ethereum inflows to Binance during May. Binance now reportedly holds around 3.62 million ETH, equal to nearly a quarter of all ETH held across centralized exchanges.
Total Ethereum reserves on exchanges have also increased, rising from around 14.36 million ETH on May 5 to approximately 14.95 million ETH.
For now, it remains unclear whether these deposits will lead to direct selling. Still, the combination of whale activity, institutional transfers, and growing exchange reserves has created a more cautious market environment for Ethereum.
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