Ethereum Price Braces for Big Shock at $260 Million

Ethereum whale Garrett Jin deposited $178 million of ETH to Binance on May 8. BlackRock and Fidelity also sent 35,394 ETH to Coinbase Prime within hours.

The combined run exceeded 113,000 ETH worth about $260 million. The move affected platforms linked to exchanges as US Ether exchange-traded funds (ETFs) took in $103.5 million in outflows yesterday.

Garrett Jin Reduces ETH Stack by Over 20%

The whale, referred to on-chain as #BitcoinOG1011, still has 303,618 ETH worth about $692.5 million. The address also holds 9,343 bitcoin (BTC).

Garrett Jin (#BitcoinOG1011 in a nutshell) only posted another 78,077 $ETH($178M) to #Binance and still holds 303,618 $ETH($692.5M).https://t.co/LyveMqUKoj pic.twitter.com/eInqljbiXx

– Lookonchain (@lookonchain) May 8, 2026

Jin moved 165,000 ETH to Binance two days earlier in the same way. The Former CEO of BitForex he built his reputation on it excessive bets.

Its history includes $735 million worth of BTC invested before the October 2025 crash. This wallet has cycled between BTC and ETH several times in 2026.

Whether the recent cash flow reflects real estate sales, hedging, or portfolio rebalancing is not visible on the chain.

Spot ETF Issuers Add Operational Pressure

Elsewhere, Opinion of the company BlackRock iShares Ethereum Trust he sent 11,475 ETH worth $26.27 million to Coinbase Prime three hours before the fish went. Fidelity was followed by 23,919 ETH worth $54.44 million within the next hour.

Both BlackRock and Fidelity are selling $ETH!

BlackRock posted 11,475 $ETH($26.27M) in Coinbase Prime 3 hours ago.

Loyalty has been saved 23,919 $ETH($54.44M) into Coinbase Prime in the last hour.https://t.co/8bR4bqlCRChttps://t.co/qmuDIrPHc6 pic.twitter.com/0b0LGnICAm

– Lookonchain (@lookonchain) May 8, 2026

ETF deposits at Coinbase Prime do not always translate shopping center. Providers regularly use platforms based on redemption baskets, storage shifts, and participant approval processes in relation to their products.

However, moving money to the markets could also signal a desire to sell, while moves by Gareth, BlackRock, and Fidelity could translate into selling.

All of these moves correspond to $103.51 million in outflows from US spot Ether ETFs on May 7. Fidelity’s FETH led the way with $62.26 million in redemptions, followed by BlackRock’s ETHA at $26.31 million.

ETH traded close to $2,289 at the time of writing. Traders will watch ETF updates and Binance order books for signs that deposits are turning into open market transactions.

A note Ethereum Price Braces for Big Shock at $260 Million appeared for the first time BeInCrypto.

Source link