Ethereum whale Garrett Zinn moves 577,896 $ETH According to Lookonchain, it was worth $1.35 billion on Binance in four days.
Ethereum whale identified as Garrett Zinn deposited all 577,896 $ETH Binance has been worth about $1.35 billion for four consecutive days, raising concerns about potential selling pressure. Lookonchain flagged the transfer on May 10th and 11th.
Jin first converted Bitcoin to Ethereum eight months ago. $ETH It was trading for about $4,591. and $ETH Lookonchain currently holds close to $2,300 and said it has about $1.3 billion in unrealized losses. His position represents one of the largest single-wallet inflows into a centralized exchange in Ethereum’s recent trading history.
Why this move is causing concern
Transferring to an exchange does not guarantee immediate sale. Whales may move funds for collateral posting, liquidity management, or OTC desk activities. But its size and the fact that Mr. Jin moved the entire position focused market attention.
CryptoQuant data shows total Ethereum exchange reserves increased from 14.36 million $ETH 14.95 million people on May 5th $ETH The next few days saw a sustained increase indicating broader accumulation on the exchange. Binance currently holds approximately 3.62 million users. $ETHequivalent to 24.6% of the total $ETH It will be held on a centralized exchange.
The broader supply situation is further exacerbated by agency activity. BlackRock and Fidelity deposit over 35,000 $ETH It will be added to Coinbase Prime in the same week with additional short-term supply. The US Spot Ethereum ETF recorded net outflows of $103.6 million on May 7, ending a four-day streak of positive flows.
What analysts are paying attention to
Market analyst Ted Pillows said: $ETH It warned that the $2,400 level needs to be regained to maintain the recovery momentum, failing which the asset could be pushed back towards $2,100. He also noted a pattern in which Binance saw a spike in inflows hourly throughout May, increasing supply pressure beyond Garrett Jin’s solo position.
Ethereum whale activity will be a recurring market signal throughout 2026, with concentrated currency inflows consistently drawing scrutiny from on-chain analysts who monitor whether large holders are positioning for an exit or simply shuffling collateral. $ETH Despite the increase in currency supply, it remained hovering around $2,300 as of May 12, suggesting that the market has not yet absorbed the move as a firm sell signal.
