Garrett Jin transfers $1.35B in ETH to Binance

Garrett Jin transferred 577,896 ETH-about $1.35 billion-to Binance across a four-day period, according to on-chain tracking. The deposits reflect the entire position from a single wallet.

Most of those tokens were obtained in a swap from Bitcoin roughly eight months earlier, when Ether traded near $4,591. Comparing the earlier swap price with current market levels shows the position is about $1.3 billion lower than at the time of the swap.

The transfers coincided with elevated exchange activity in May. On-chain records show hourly spikes of ETH inflows into Binance during the month. Asset managers moved more than 35,000 ETH into Coinbase Prime last week. Aggregate ETH held on centralized exchanges increased from about 14.36 million on May 5 to roughly 14.95 million, while Binance’s balance stands near 3.62 million ETH, or about 24.6% of exchange-held ETH.

Moving funds to an exchange does not by itself indicate an immediate sale. Addresses and institutions often relocate assets for reasons such as collateral management, margin requirements or liquidity rebalancing. Public blockchain data do not show whether these deposits have been placed as sell orders.

Participants in crypto markets monitor exchange reserves and inflow patterns as measures of available supply on centralized platforms. Observers continue to track wallet movements and exchange balances for further transactional updates.