Bitcoin whale Garett Jin has recently transferred a substantial amount of his Bitcoin assets to crypto exchanges, prompting speculation about an impending sell-off. This latest transaction involved a staggering $760 million worth of Bitcoin being moved to Binance as the market braces for the repercussions of new tariffs announced by President Trump.
According to data from Lookonchain, Jin”s wallet executed a significant deposit of 6,318 BTC, valued around $425 million, into Binance. This move is part of a larger series of notable transactions that have captured the attention of blockchain analysts. Earlier today, his address also saw the transfer of approximately $336 million in Bitcoin to the exchange. In total, over 11,318 coins have been transferred, raising alarms about potential market volatility.
Market analysts are on high alert following warnings from Peter Brandt, who cautioned that Bitcoin”s price could plummet to $20,000 as it approaches the $50,000 mark. Brandt advised investors to consider liquidating their holdings, emphasizing that the situation could deteriorate further.
Jin, also known in trading circles as Garrett Bullish and previously the CEO of the now-defunct BitForex exchange, is well-known for his trading strategies. He gained notoriety for establishing a significant short position in Bitcoin just moments before a market crash triggered by a previous tariff announcement from Trump in October. As of now, he retains more than 9,300 BTC, worth approximately $627 million, alongside over 548,000 ETH, which are valued at more than $1 billion.
Whether this recent transfer indicates a strategy for a sell-off remains to be seen and is still a topic of discussion among crypto experts. The broader cryptocurrency market is currently bracing for potential downturns due to the ongoing tariff situation.
Yesterday, President Trump declared a 10% global tariff on all countries for five months, which was a response to the Supreme Court”s decision to revoke earlier tariffs. This announcement did not immediately affect Bitcoin”s price, but it sparked concerns that traders might start liquidating their Bitcoin holdings, recalling the negative impact of past tariffs.
Additionally, there are ongoing debates surrounding the repayment of funds collected by the government under previous policies, with Senator Warren voicing her concerns regarding the government”s repayment strategy.
