Ethereum (ETH) Price: $1.35 Billion Hit Binance in Four Days — Is a Sell-Off Coming?

TLDR

• Whale Garrett Jin transferred a total of $1.35 billion in ETH to Binance over four days
• Jin originally swapped BTC for ETH eight months ago when ETH was trading around $4,591 — he is now down roughly $1.3 billion
• US Spot Ethereum ETFs recorded $103.6 million in outflows on May 7, ending a four-day inflow streak
• ETH price held near $2,300–$2,330 despite the selling pressure
• Analyst Ted Pillows says ETH must reclaim $2,400 to continue its recovery, or risk dropping below $2,100

Ethereum whale Garrett Jin has moved his entire 577,896 ETH position — worth approximately $1.35 billion — to Binance over a four-day period. The transfers were tracked by on-chain data platform Lookonchain.

Jin, also known online as BitcoinOG1011short, originally acquired the ETH by swapping Bitcoin eight months ago when ETH was trading near $4,591. Lookonchain noted that Jin is now down roughly $1.3 billion on the position.

The deposits included 108,169 ETH worth $250 million in a single day, following a prior transfer of 78,077 ETH worth $178 million to the same exchange.

Transfers to exchanges do not always mean immediate selling. Whales sometimes move funds for collateral or liquidity management. However, large exchange inflows from a single holder tend to raise concerns about potential sell pressure.

Jin still holds 225,449 ETH, valued at around $520 million at current prices, according to Lookonchain data.

Binance ETH Reserves and Institutional Outflows

Beyond Jin’s transfers, total Ethereum exchange reserves have climbed from 14.36 million ETH on May 5 to 14.95 million ETH, per CryptoQuant data. Binance now holds around 3.62 million ETH — roughly 24.6% of all centralized exchange ETH supply.

BlackRock and Fidelity also added to exchange inflows last week, sending over 35,000 ETH into Coinbase Prime. US Spot Ethereum ETFs recorded outflows of $103.6 million on May 7, ending a four-day inflow streak.

Analyst Ted Pillows flagged a series of hourly spikes in Ethereum inflows on Binance in May, pointing to the supply build-up as a factor limiting price recovery. He noted that ETH has “lost its parabola” on the 12-hour chart, failing to reclaim the curved support zone after breaking below it. He added that ETH could still see a final push higher once “Garrett Bullish” stops selling.

Key Price Levels to Watch

ETH traded near $2,306–$2,330 at the time of writing, with a modest gain of around 1% over 24 hours.

Ted Pillows said Ethereum needs to reclaim the $2,400 level to continue its recovery. Losing $2,300 support could push prices toward $2,100 or lower.

Analyst Tradernaber shared a chart showing ETH consolidating in the $2,200–$2,330 range. This zone has acted as a reaction level in earlier cycles, and previous consolidations in this area have led to upward expansion. A move above the current range could open the path toward $2,600–$2,700, while losing it points to support near $2,030–$2,100.

Total Ethereum exchange reserves stood at 14.95 million ETH as of May 5, up from 14.36 million just days earlier.

The post Ethereum (ETH) Price: $1.35 Billion Hit Binance in Four Days — Is a Sell-Off Coming? appeared first on CoinCentral.