- Ethereum whale Garrett Jin transferred roughly $178 million worth of ETH to Binance while still holding over $690 million in ETH.
- BlackRock and Fidelity also moved more than 35,000 ETH combined to Coinbase Prime amid rising ETF outflows.
- Traders are closely watching whether these large transfers eventually turn into visible spot-market selling pressure.
A wave of large Ethereum transfers hit major exchange-linked platforms on May 8, sparking fresh discussion around potential sell pressure building in the market. The biggest move came from Ethereum whale Garrett Jin, who deposited roughly $178 million worth of ETH into Binance while BlackRock and Fidelity transferred tens of thousands of additional ETH to Coinbase Prime only hours later.
Altogether, the combined movement surpassed 113,000 ETH, worth nearly $260 million at current prices. The timing also came right after US spot Ether ETFs recorded more than $103 million in net outflows, adding another layer of pressure to an already cautious market.
Garrett Jin Cuts Ethereum Holdings Again
Blockchain data showed that Garrett Jin, identified on-chain as wallet “#BitcoinOG1011,” moved another massive ETH batch into Binance. Even after the transfer, the wallet still holds around 303,618 ETH valued near $692 million, alongside roughly 9,343 BTC.
What makes traders nervous is that this wasn’t an isolated transaction either.
Just two days earlier, the same wallet transferred another 165,000 ETH into Binance using a very similar pattern. Jin has built a reputation for making large directional market bets over the years, including a well-known $735 million Bitcoin short position ahead of the October 2025 crash.
The wallet has rotated aggressively between Bitcoin and Ethereum multiple times throughout 2026, which makes every new transfer worth watching carefully.
Still, blockchain activity alone can’t fully confirm intent. These deposits could represent spot selling, hedging activity, collateral management, or even portfolio restructuring behind the scenes. On-chain data only shows the movement itself, not necessarily the strategy behind it.
BlackRock and Fidelity Add More ETH to Coinbase Prime
Around the same time, institutional ETF issuers also moved significant amounts of Ethereum.
BlackRock’s iShares Ethereum Trust transferred approximately 11,475 ETH worth over $26 million into Coinbase Prime. Shortly afterward, Fidelity followed with another 23,919 ETH valued near $54 million.
Coinbase Prime is commonly used by ETF issuers for operational purposes like custody management, redemption baskets, or authorized participant transactions. So these transfers do not automatically mean direct market selling is happening immediately.
But at the same time, coins moving onto exchange-connected infrastructure naturally increase trader caution, especially when ETF flows themselves are turning negative.
On May 7 alone, US spot Ethereum ETFs recorded roughly $103.5 million in net outflows. Fidelity’s FETH saw the largest redemption activity with over $62 million leaving the fund, while BlackRock’s ETHA followed with about $26 million in outflows.
That combination, large whale deposits alongside ETF redemptions, has traders watching very closely for signs of additional spot-market pressure.
Ethereum Traders Watch for Signs of Selling Pressure
At the time of writing, Ethereum was trading near $2,289 after struggling to build stronger momentum above key resistance levels recently.
What happens next likely depends on whether these transferred coins actually hit the market. Traders are now paying close attention to Binance order books, ETF flow updates, and Coinbase Prime activity to see if the deposits translate into visible sell-side pressure over the coming sessions.
For now, the market is left trying to interpret the difference between operational transfers and genuine distribution. That uncertainty alone can sometimes weigh on sentiment, especially when large wallets and institutional players start moving this much capital around at the same time.
Even so, Ethereum’s broader structure hasn’t fully broken yet. But with nearly $260 million in ETH suddenly moving closer to exchange liquidity, traders definitely aren’t ignoring it.
