On-chain data focuses on two major points. $ETH The whale was discovered after an analyst discovered Binance’s shared deposit address. According to Lookonchain, the wallet is associated with Garrett Jin and Trend Research. Both routed the funds through the same Binance address before reaching the Binance hot wallet. The discovery came after both companies reported heavy losses amid the recent Ethereum market volatility. This link sparked a discussion across the cryptocurrency community. Regarding whether the activity shows coordination or normal exchange behavior.
Shared deposit route raises questions
According to on-chain tracker Lookonchain, addresses starting with 0xcdF served as an intermediate step until the funds reached Binance. The previous day, approximately $7.98 million was transferred from wallets associated with Trend Research. $USDT to that Binance address. The funds were then moved to Binance’s hot wallet. Around the same time, another large wallet linked to Garrett Zinn transferred $10,000. $ETH Through the same Binance address. This transfer also ended up going to the same Binance hot wallet.
According to Lookonchain monitoring, that mark starts with 0xcA0.$BTC The address of “OG Insider Whale” (agent Garrett Jin) uses the same Binance deposit address as Trend Research, a subsidiary of Yi Lihua. According to on-chain data, Trend Research’s address had 7.989 million transfers in the past day. $USDT Send money to addresses starting with 0xcdF and send money to Binance hot wallet addresses starting with 0x28C.$BTC and…
— Wu Shuo Blockchain (@wublockchain12) February 7, 2026
Because both flows use the same deposit route. Some observers suggested a possible relationship between the two traders. However, some point out that exchanges often use shared deposit Binance addresses for different customers. This means that overlap may not be indicative of direct coordination.
Both traders suffered heavy losses
This discovery attracted attention. $ETH Whales faced significant losses in recent market movements. On-chain data shows that leveraged positions are taking a hit as Ethereum prices plummet. Trend Research reportedly lost hundreds of millions of dollars as large long positions faced liquidation. Garrett Zinn also suffered significant losses through aggressive leverage trading. These events occurred during a broad market decline. When many leveraged positions across the cryptocurrency space were forced out. This pressure led to a wave of liquidations, further increasing price volatility.
Community divided over meaning
The shared Binance address sparked speculation online. Some users suggested the two organizations could be part of a larger, coordinated strategy or even be the same operator. But other analysts urged caution. They stated that shared deposit Binance addresses are common on large exchanges. Many traders may be using the same routing address without knowing it. One market source said the losses likely stemmed from crowded trading and high leverage, rather than a secret adjustment. In fast-moving markets, even experienced traders can face forced liquidations if prices go against market conditions.
Shift focus to risk and leverage
This situation illustrates the risks of aggressive leverage in the crypto market. Large positions may seem safe during calm times. However, if prices fall quickly, liquidation levels can cause a chain reaction. Recent market data already shows that billions of dollars of long positions are at risk across Ethereum. The losses associated with these whales reflect that broader trend.
Currently, shared Binance address links remain under on-chain monitoring. Rather than seeing evidence of coordination. Still, this episode added an extra layer of intrigue to an already volatile time. $ETH Whale.
