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Ethereum whale Garrett Jin deposited $178 million worth of ETH to Binance on May 8. At the same time, BlackRock and Fidelity collectively transferred 35,394 ETH to Coinbase Prime within just a few hours.

The combined flow exceeded 113,000 ETH, representing nearly $260 million. These transfers involved exchange-linked platforms while U.S. spot Ether ETFs recorded $103.5 million in net outflows the previous day.

Garrett Jin cuts ETH holdings by more than 20%

The whale, identified on-chain as address #BitcoinOG1011, still holds 303,618 ETH worth around $692.5 million. The address also contains 9,343 Bitcoin (BTC).

Jin had already moved 165,000 ETH to Binance two days earlier following a similar pattern. The former BitForex CEO is known for making massive directional bets.

His track record notably includes a $735 million Bitcoin short position placed shortly before the October 2025 market crash. The wallet has rotated between BTC and ETH several times throughout 2026.

It is impossible to determine on-chain whether this latest deposit was intended for spot selling, hedging, or portfolio rebalancing.

Spot ETF issuers add operational pressure

Meanwhile, BlackRock’s iShares Ethereum Trust transferred 11,475 ETH worth $26.27 million to Coinbase Prime three hours before the whale’s move. Fidelity followed with 23,919 ETH worth $54.44 million within the next hour.

ETF deposits to Coinbase Prime do not always imply spot selling. Issuers regularly use the platform for redemption baskets, custody transfers, and authorized participant flows tied to investor activity.

However, moving coins to exchanges can also signal selling intent. In that case, the transfers from Garrett Jin, BlackRock, and Fidelity could ultimately reflect actual market sales.

Both operations coincided with $103.51 million in net outflows from U.S. spot Ether ETFs on May 7. Fidelity’s FETH led with $62.26 million in redemptions, followed by BlackRock’s ETHA with $26.31 million.

At the time of writing, ETH was trading around $2,289. Traders will closely monitor ETF flows and Binance order books for signs that these deposits are turning into visible spot-market selling pressure.

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