Lookonchain
A wallet tracked as Garrett Jin deposited its remaining 225,627 ETH ($528.19M) into Binance, completing a four-day unwind of 577,896 ETH ($1.35B) onto the exchange. The bulk of the position was built by swapping into ETH from BTC roughly eight months ago, when ETH was trading around $4,591.
Why it matters
Jin is one of the more visible leveraged ETH traders on X, and the cadence — full distribution in four sessions — implies he is exiting, not rotating. A position of this scale hitting the order book in compressed windows is the kind of flow that pins spot, widens basis, and bleeds into perpetual funding as market makers hedge the inflow. The eight-month hold from the BTC swap also means most of the ETH sat at a meaningful unrealized loss before the move started.
Market impact
With $1.35B of ETH now parked at Binance and a realized drawdown near $1.3B versus the entry zone, the near-term read is bearish: visible supply on the deepest liquidity venue, a high-profile name capitulating, and the timing aligning with broader risk-off pressure on majors. The next tells are withdrawal flows off Binance, perpetual funding flipping, and whether ETH can hold above the prior consolidation low — a failure there opens the door to a retest of deeper support.
Frequently asked questions
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Who is Garrett Jin and why does this wallet move matter?
Garrett Jin is a leveraged ETH trader with a large X following. A 577,896 ETH distribution into Binance over four days is visible selling pressure on the deepest liquidity venue, and a high-profile name exiting tends to weigh on sentiment beyond the dollar size.
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How much ETH did he deposit and over what period?
He deposited 577,896 ETH (~$1.35B) into Binance over four days, with the final 225,627 ETH (~$528.19M) landing in the most recent transaction.
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When was the ETH position originally built?
Most of the ETH was swapped from BTC roughly eight months ago, when ETH was trading around $4,591.
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What is the estimated loss on the rotation?
The realized drawdown versus the entry zone is approximately $1.3B, since ETH is now well below the ~$4,591 level where most of the position was built.
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What are the next signals to watch after this deposit?
Withdrawal flows off Binance, perpetual funding rates flipping, and whether ETH holds above the prior consolidation low. A break there opens a retest of deeper support.
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