Tech · Crypto Briefing
Binance receives $1.35 billion ETH deposit from Garrett Jin as crypto market rebounds
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The BitForex founder moved nearly 578,000 ETH to Binance over four days, sitting on an estimated $1.3 billion in unrealized losses from a poorly timed BTC-to-ETH swap.
Key facts
- The BitForex founder moved nearly 578,000 ETH to Binance over four days, sitting on an estimated $1.3 billion in unrealized losses from a poorly timed BTC-to-ETH swap
- Garrett Jin, the founder of collapsed crypto exchange BitForex, deposited approximately 577,896 ETH into Binance over a four-day stretch ending May 11
- Roughly eight months ago, Jin swapped a substantial BTC position into ETH at a price of $4,591 per coin
- A $1.35B position represents meaningful supply relative to ETH’s daily trading volume
Summary
Garrett Jin, the founder of collapsed crypto exchange BitForex, deposited approximately 577,896 ETH into Binance over a four-day stretch ending May 11. Roughly eight months ago, Jin swapped a substantial BTC position into ETH at a price of $4,591 per coin. Analysts tracking the deposits have flagged two competing interpretations. The immediate risk is clear: if Jin begins liquidating even a fraction of his 577,896 ETH position on Binance, the sell pressure could weigh on ETH’s price in the short term.