Ethereum Whale and ETF Giants Move $260M in ETH to Exchanges Amid ETF Outflows

Ethereum markets faced renewed pressure after major holders and institutional issuers transferred more than 113,000 ETH, worth nearly $260 million, to exchange-linked platforms within hours. The large-scale Ethereum transfers came as US spot Ether ETFs recorded significant outflows, raising speculation about potential selling pressure in the crypto market.

On May 8, Ethereum whale Garrett Jin deposited 78,000 ETH valued at approximately $178 million into Binance. The whale wallet, identified on-chain as #BitcoinOG1011, still controls around 303,618 ETH worth nearly $692.5 million, along with 9,343 BTC. Blockchain data also shows Jin transferred another 165,000 ETH to Binance just two days earlier, signaling continued large-scale portfolio activity.

Garrett Jin is widely known for making aggressive crypto market bets, including a reported $735 million Bitcoin short position ahead of the October 2025 market crash. The investor has actively rotated holdings between Bitcoin and Ethereum throughout 2026. While the latest Ethereum deposits may suggest selling activity, analysts note the transfers could also represent hedging strategies or portfolio rebalancing.

At the same time, BlackRock and Fidelity moved a combined 35,394 ETH to Coinbase Prime. BlackRock’s iShares Ethereum Trust transferred 11,475 ETH worth over $26 million, while Fidelity sent 23,919 ETH valued at roughly $54.4 million shortly afterward.

Although ETF issuers often use Coinbase Prime for custody adjustments and redemption processes, large transfers to exchange-related platforms can also indicate preparation for spot-market sales. The moves followed $103.5 million in net outflows from US spot Ethereum ETFs on May 7, with Fidelity’s FETH and BlackRock’s ETHA leading the withdrawals.

Ethereum traded near $2,289 following the transfers as traders closely monitored Binance activity and ETF flow data for signs of additional market volatility.