A crypto whale, Garrett Jin, has transferred $1.35 billion in Ethereum (ETH) to Binance, sparking concerns of a sell-off amid swelling exchange reserves.
The deposits, tracked by Lookonchain, coincide with institutional outflows and exchange inflow spikes that have pushed Binance’s ETH holdings to nearly a quarter of the centralized supply.
Whale Sends $1.35 Billion in ETH to Binance Over Just 4 Days
Lookonchain data shows Jin moved the entire 577,896 ETH position to Binance over four days. Most of these tokens were swapped from Bitcoin (BTC) eight months ago. At the time, the second-largest cryptocurrency was trading around $4,591.
“He is now down ~$1.3 billion,” the post added.
Meanwhile, asset managers added to the pressure. BlackRock and Fidelity sent more than 35,000 ETH into Coinbase Prime last week.
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While transfers to exchanges do not always indicate imminent selling, they often raise market concerns about potential liquidation pressure.
The pattern among large holders has added to these concerns. An analyst flagged a series of hourly spikes in Ethereum inflows on Binance in May.
The analyst noted that Binance now holds around 3.62 million ETH, accounting for roughly 24.6% of all centralized exchange ETH supply.
According to CryptoQuant data, total exchange reserves have also climbed from 14.36 million ETH on May 5 to 14.95 million ETH.
Whether these deposits become outright sales remains to be seen. Whales sometimes move funds for collateral or liquidity management rather than immediate disposal.
Still, the convergence of whale activity and rising reserves leaves a heavier supply overhang.
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