Ethereum is bracing for a significant price shock after a whale known as Garrett Jin sent $178 million worth of ETH to Binance, while BlackRock and Fidelity moved their holdings to Coinbase Prime following ETF outflows, according to BeInCrypto.
The total amount at risk is estimated at $260 million, combining the whale's transfer with recent ETF-related movements. This suggests a coordinated wave of selling that could pressure the second-largest cryptocurrency's price in the near term.
Ethereum's market is already sensitive to large transactions, which often precede sell-offs. Whale and institutional activity is closely watched as a leading indicator of price direction, and these moves add to bearish sentiment.
The shift by BlackRock and Fidelity to Coinbase Prime, a platform used for institutional trading, further signals that major holders may be liquidating. This trend aligns with broader market uncertainty around cryptocurrency regulation and ETF demand.
Garrett Jin's transaction stands out as the largest single whale movement this week, though his motivations remain unclear. Some analysts argue that such transfers are routine and do not guarantee an immediate sell-off, but the volume and timing have rattled traders.