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Ethereum markets faced renewed pressure after major holders and institutional issuers transferred more than 113,000 ETH—worth nearly $260 million—to exchange-linked platforms within hours. The large-scale transfers coincided with significant outflows from US spot Ether ETFs, fueling concerns about potential selling pressure in the crypto market.
On May 8, Ethereum whale Garrett Jin deposited 78,000 ETH valued at approximately $178 million into Binance. The whale wallet, identified on-chain as #BitcoinOG1011, still controls around 303,618 ETH worth nearly $692.5 million, along with 9,343 BTC.
Blockchain data also shows Jin transferred another 165,000 ETH to Binance just two days earlier, indicating continued large-scale portfolio activity.
At the same time, BlackRock and Fidelity moved a combined 35,394 ETH to Coinbase Prime. BlackRock’s iShares Ethereum Trust transferred 11,475 ETH worth over $26 million, while Fidelity sent 23,919 ETH valued at roughly $54.4 million shortly afterward.
Although ETF issuers often use Coinbase Prime for custody adjustments and redemption processes, large transfers to exchange-related platforms can also be interpreted as preparation for spot-market sales. The moves followed $103.5 million in net outflows from US spot Ethereum ETFs on May 7, with Fidelity’s FETH and BlackRock’s ETHA leading the withdrawals.
Garrett Jin is described as an aggressive crypto market participant, including a reported $735 million Bitcoin short position ahead of the October 2025 market crash. The investor has also rotated holdings between Bitcoin and Ethereum throughout 2026. While the latest Ethereum deposits may suggest selling activity, analysts noted the transfers could also reflect hedging strategies or portfolio rebalancing.
Following the transfers, Ethereum traded near $2,289 as traders monitored Binance activity and ETF flow data for signs of additional market volatility.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
