Well, butter my biscuit and call me confused! Ethereum whale Garrett Jin-aka #BitcoinOG1011, because nothing says “I’m serious about crypto” like a hashtag-just dumped $178 million worth of ETH into Binance. Meanwhile, BlackRock and Fidelity were like, “Hold our lattes,” and tossed 35,394 ETH into Coinbase Prime faster than you can say “market manipulation.”
Together, these financial titans shuffled over 113,000 ETH, worth a cool $260 million, onto exchange platforms. This all happened just as US spot Ether ETFs were nursing a $103.5 million hangover from the day before. Coincidence? Probably not. But hey, who needs a plot when you’ve got numbers this juicy?
Garrett Jin: The Crypto Houdini
Our whale friend Jin still has 303,618 ETH chilling in his wallet, valued at a casual $692.5 million. Oh, and let’s not forget his 9,343 bitcoins, because why put all your eggs in one blockchain? This guy’s portfolio is more diversified than a hipster’s Spotify playlist.
Garrett Jin(#BitcoinOG1011short) just deposited another 78,077 $ETH($178M) into #Binance and still holds 303,618 $ETH($692.5M).
– Lookonchain (@lookonchain) May 8, 2026
Two days prior, Jin moved 165,000 ETH to Binance in a move that screamed, “I’m either a genius or I’ve got ants in my pants.” As the former CEO of BitForex, he’s built a reputation for bets so big they make Vegas blush. Remember that $735 million BTC short before the 2025 crash? Yeah, that was him. The man’s wallet flips between BTC and ETH more often than I change my socks.
Is he selling? Hedging? Rebalancing? Your guess is as good as mine. On-chain data is about as clear as a mud puddle after a monsoon.
BlackRock and Fidelity: The Dynamic Duo of Crypto Drama
Not to be outdone, BlackRock’s iShares Ethereum Trust sent 11,475 ETH ($26.27 million) to Coinbase Prime, followed by Fidelity’s 23,919 ETH ($54.44 million) within the hour. It was like a high-stakes game of “Who can move the most crypto before lunch?”
Both BlackRock and Fidelity are selling $ETH!
BlackRock deposited 11,475 $ETH($26.27M) into Coinbase Prime 3 hours ago.
Fidelity deposited 23,919 $ETH($54.44M) into Coinbase Prime in the past hour.
– Lookonchain (@lookonchain) May 8, 2026
Now, dumping coins into Coinbase Prime doesn’t always mean they’re selling. It could be for redemption baskets, custody shifts, or just a fancy way to say, “We’re moving stuff around.” But let’s be real-when you see that much ETH heading to an exchange, it’s hard not to think, “Uh-oh, someone’s hitting the eject button.”
All this coincides with $103.51 million in net outflows from US spot Ether ETFs on May 7. Fidelity’s FETH led the charge with $62.26 million in redemptions, while BlackRock’s ETHA chipped in $26.31 million. It’s like everyone got the memo: “Sell ETH before it’s too late!”
As of this writing, ETH is hovering around $2,289. Traders are glued to their screens, watching ETF flows and Binance order books like hawks. Will these deposits turn into a selling spree? Only time will tell. But one thing’s for sure: in the world of crypto, the only constant is chaos. And Garrett Jin? He’s probably sipping a latte, watching it all burn.
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2026-05-09 00:07