Ethereum Whale Deposits $178M to Binance as ETH Price Drops 6%
So, get this: Garrett Jin, a big player in the Ethereum game, put 78,000 ETH, worth about $177.9 million, into Binance on Friday, making his total deposits over three days hit 244,000 ETH. His wallet, known as #BitcoinOG1011, still has a hefty 303,618 ETH and 9,343 Bitcoin. Just two days earlier, he had sent 165,000 ETH to Binance. Analyst Crypto Rover thinks this is a bad sign, recalling a 7% drop in ETH after similar moves. On a different note, BlackRock's iShares Ethereum Trust moved 11,475 ETH, and Fidelity shifted 23,919 ETH to Coinbase within an hour. All this led to over 113,000 ETH being deposited and ETH’s price fell from $2,423 to $2,277. Meanwhile, an anonymous wallet linked to ShapeShift picked up 126,634 ETH for $293.56 million, but Erik Voorhees, co-founder of ShapeShift, denied owning it. Currently, ETH is trading at $2,318.
Key facts
- Garrett Jin deposited 78,000 ETH ($177.9M) to Binance on May 9, 2026.
- Jin's cumulative transfers to Binance reached 244,000 ETH over three days.
- Jin still holds 303,618 ETH ($692.5M) and 9,343 Bitcoin.
- BlackRock's iShares Ethereum Trust sent 11,475 ETH ($26.27M) to Coinbase Prime.
- Fidelity transferred 23,919 ETH ($54.44M) to Coinbase Prime.
- Combined whale and institutional deposits exceeded 113,000 ETH ($260M).
- US spot Ether ETFs saw $103.51M net outflows on May 7, 2026.
- ETH price fell from $2,423 to $2,277, a nearly 6% decline.
- A mysterious ShapeShift-linked wallet holds 126,634 ETH ($293.56M).
- The ShapeShift wallet bought 2,920 ETH at $2,284 on May 8, 2026.
- ShapeShift co-founder Erik Voorhees denied owning the wallet.
- ETH trades at $2,318 with EMA50 resistance and EMA200 support.
Entities
Institutions
- Binance
- BlackRock
- iShares Ethereum Trust
- Coinbase Prime
- Fidelity
- Fidelity FETH
- BlackRock ETHA
- ShapeShift
- Arkham Intelligence
- Lookonchain
- CoinMarketCap
- CoW Protocol
- BitForex
- NFT Plazas