Ethereum Whale Moves $1.35B ETH to Binance as Exchange Reserves Surge

A major Ethereum whale has triggered fresh market concerns after transferring nearly $1.35 billion worth of ETH to Binance within just four days. Blockchain tracking platform Lookonchain revealed that crypto investor Garrett Jin moved 577,896 ETH to the exchange, fueling speculation about a possible large-scale sell-off as Ethereum exchange reserves continue rising.

The massive ETH transfer comes during a period of increased volatility in the crypto market. According to on-chain data, Jin originally accumulated the Ethereum position after swapping Bitcoin for ETH roughly eight months ago when Ethereum traded near $4,591. With ETH now trading significantly below those levels, reports suggest the investor is currently sitting on an estimated unrealized loss of around $1.3 billion.

At the same time, institutional investors appear to be adding to the pressure. Recent data shows BlackRock and Fidelity transferred more than 35,000 ETH to Coinbase Prime last week. Large movements of cryptocurrency to centralized exchanges are often interpreted by traders as a signal that holders may be preparing to sell assets or increase liquidity.

Market analysts have also pointed to a noticeable increase in Ethereum inflows into Binance throughout May. One analyst noted repeated hourly spikes in ETH deposits, with Binance now holding approximately 3.62 million ETH. That figure reportedly accounts for nearly 24.6% of all Ethereum stored on centralized exchanges.

CryptoQuant data further highlights the trend, showing Ethereum exchange reserves climbed from 14.36 million ETH on May 5 to nearly 14.95 million ETH. Rising exchange reserves are commonly viewed as a bearish indicator because they increase the available supply that could potentially enter the market.

Despite growing concerns, not all exchange deposits lead to immediate selling. Large crypto holders often move funds for collateral management, trading strategies, or liquidity purposes. Still, the combination of whale transfers, institutional inflows, and swelling ETH reserves has intensified concerns about possible downward pressure on Ethereum prices in the near term.