In a significant event for the cryptocurrency market, more than 260,000 ETH, valued at approximately $543 million, was deposited to Binance within a short time frame. This surge represents one of the largest single-venue inflow events for Ethereum in February, coinciding with attempts by ETH to stabilize around the $2,000 mark following a week of macroeconomic data that has rekindled risk-on sentiment among traders.
The large transfer of 261,024 ETH has drawn attention due to its size and the implications it has for short-term supply risks on exchanges. The transactions were initially flagged by Whale Alert, which detected three consecutive transfers: 69,378 ETH, 96,116 ETH, and 95,526 ETH, originating from wallets identified as “unknown.” Subsequent analysis by Lookonchain revealed that these deposits were connected to wallets belonging to Garrett “Bullish” Jin, a notable figure in the cryptocurrency space recognized for his earlier involvement in Bitcoin.
Garrett Jin is remembered as a trader who adeptly navigated the market, particularly during the infamous October 10 “Black Friday” crash, which resulted in substantial losses across the crypto landscape, exceeding $40 billion. The direct deposits to Binance, bypassing other wallets, suggest that this liquidity could soon be utilized, raising concerns about potential selling pressure.
Additionally, Lookonchain has tracked Jin”s previous activities, which include selling 5,000 BTC and withdrawing over $53 million USDT from Binance. This pattern indicates a strategy of tactical capital rotation rather than a long-term holding strategy, reinforcing the notion that active selling could be on the horizon.
As of now, Ethereum is trading at approximately $2,074 on Binance, reflecting a notable decline from January”s highs above $3,300. The current price structure depicts a sharp breakdown followed by a consolidation phase between $1,900 and $2,150, a range that has become increasingly pivotal as exchange balances rise.
