Whale dumps 577K ETH at $2,337 — price craters 20%

On-chain analyst Garrett Jin (@GarrettBullish) called the local top with near-perfect timing: between May 6 and May 10, he deposited 577,717 ETH — worth approximately $1.35 billion — to Binance at an average price of $2,337. ETH subsequently entered free fall, shedding more than 20% from that level.

Why it matters

A single wallet moving $1.35 billion in ETH to an exchange is a textbook distribution signal. Exchange deposits of this scale are typically interpreted as intent to sell, and the subsequent price action validated exactly that read. The move puts Garrett Jin in a rare category of on-chain analysts whose public calls align with their own wallet activity — making the signal harder to dismiss as noise.

Market impact

A 20%-plus drawdown from the deposit price means anyone who bought ETH in the May 6–10 window is now sitting on significant unrealised losses. The scale of the deposit also raises questions about whether the selling pressure itself contributed to the cascade — a $1.35B supply injection into Binance order books would stress liquidity at any price level. Traders watching ETH's recovery will be monitoring whether this wallet re-accumulates or continues to distribute into any relief bounces.