- Garrett Jin transferred 5,000 BTC and over 261,000 ETH to Binance in mid-February 2026, marking one of the largest single-trader exchange deposits of the year.
- The move follows a catastrophic January 31 liquidation event on the Hyperliquid platform, where Jin’s $733M ETH long position was wiped out, leaving just $53 in the account.
- Despite the massive $250M loss and $900M deposit, Jin’s associated wallets still control approximately $3 billion in assets, raising questions about whether he is managing private or client funds.
The crypto market, prominent whale Garrett Jin has deposited nearly $900 million worth of Bitcoin and Ethereum to Binance over the past day. On-chain data from Arkham Intelligence reveals wallets linked to Jin transferring 5,000 BTC, valued at approximately $349 million, followed by a swift withdrawal of 144.4 million USDT – speculated to be proceeds from the BTC sale. Shortly after, three large ETH tranches totaling 261,025 ETH ($543 million) hit the exchange, adding fuel to speculation about potential liquidations or strategic shifts.
From Insider Profits to Liquidation: The Hyperliquid $250 Million Wipeout
Garrett Jin, the former CEO of the now-defunct BitForex exchange, has been no stranger to controversy. Blockchain analysts first tied him to massive trades last October, including a $420 million Bitcoin short ahead of a market crash linked to U.S. tariff announcements. More recently, in early February 2026, Jin’s associated Hyperliquid account suffered a staggering $250 million loss on an ETH long position, liquidating down to just $53. Despite this, his overall portfolio remains robust at over $3 billion, down 4.23%, with top holdings in 20,664 BTC ($1.42B), 548,489 ETH ($1.07B), and 260,983 aETHWETH ($510M).
This dump comes amid Ethereum’s precarious position, with technical analysis suggesting a potential 40% drop if support levels break. Market watchers are divided: Is Jin cashing out ahead of volatility, or rotating into other assets? His history includes profiting from prescient bets, like a $56,000 win on Polymarket predicting Trump’s pardon of Binance’s CZ. Jin has repeatedly denied personal ownership of these wallets, claiming he manages client funds, but on-chain links via Ethereum Name Service domains like “garrettjin.eth” keep the spotlight on him.
Market Impact: Why Jin’s Binance Deposits Pressure ETH Support Levels
The transfers could pressure spot prices, especially with BTC hovering around $70,000 and ETH at $2,000. Whales like Jin often signal broader trends – recall his $900 million long on Hyperliquid last month, which ballooned to $1 billion before the wipeout. For retail investors, this underscores the need for caution: Whale movements can amplify swings, but they don’t always predict doom.
The market digests this, eyes are on Binance order books for any cascading effects. Whether this is a bearish omen or just portfolio housekeeping, Jin’s actions remind us that in crypto, the big fish often know the currents best. Stay tuned for updates as on-chain sleuths dig deeper.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
