Ethereum Faces Whale Pressure as Binance Deposits Hit $178 M

• Onchain Lens said that Garrett Jin deposited 78,077 ETH, worth about $177.92 million, into Binance.
• Crypto Rover called the latest Binance deposit bearish and cited the prior ETH drop.
• Lookonchain said a whale linked to Erik Voorhees bought 2,920 ETH for $6.67 million.

Ethereum whale activity has intensified as ETH continues to struggle against Bitcoin, bringing fresh attention to large exchange deposits and private-wallet accumulation. On-chain data shared on X showed one OG whale sending 78,077 ETH, worth about $177.92 million, into Binance.

The transfer added to a broader three-day flow from the same whale, while separate data showed another large wallet buying more ETH near $2,284. Meanwhile, traders are watching whether exchange inflows create near-term volatility as Ethereum tries to regain strength against BTC.

OG Whale Sends ETH to Binance

Onchain Lens reported that Garrett Jin, also known as the “Bitcoin OG 10/11,” deposited 78,077 ETH, worth $177.92 million, into Binance. The Arkham data showed the transfer landing in a Binance deposit wallet marked 0x326.

Analyst Ai also tracked the same wallet and said the whale deposited another 78,076.87 ETH into Binance, worth about $178 million. According to that post, the wallet had already moved a much larger amount to exchanges in recent days.

The post said the whale transferred 244,099.81 ETH to exchanges over the past three days, with the cumulative value placed around $574 million. It also said the wallet still holds more than 300,000 ETH on-chain.

Notably, exchange deposits from large holders often draw attention as traders weigh possible sell pressure. However, deposits do not confirm immediate sales, as whales may transfer funds for liquidity management, collateral, market making, or other exchange-related actions.

Market Watches Volatility Risk

Crypto Rover described the latest move as bearish and said the same OG whale previously transferred large ETH amounts before a nearly 7% ETH drop. His data showed the 78,077 ETH Binance deposit, along with earlier transfers of 165,022 ETH and 1,001 ETH two days earlier.

That sequence has placed short-term volatility back in focus. Large ETH inflows into centralized exchanges can create concern when the price already lags Bitcoin, especially when traders interpret the movement as preparation for selling or hedging.

Nevertheless, the data shows wallet movement rather than final market execution. The key question now is whether Binance order books absorb any potential supply or whether the transfer remains an internal positioning move.

Moreover, ETH’s relative weakness against Bitcoin adds weight to the timing. If traders see more whale deposits while ETH/BTC remains under pressure, speculative demand may stay cautious until spot buying becomes clearer.

Another Whale Adds ETH

Lookonchain reported a separate large purchase from a mysterious whale linked to Erik Voorhees. The wallet spent another 6.67 million USDT to buy 2,920 ETH at about $2,284, adding a contrasting signal to the Binance deposit flow.

Onchain Lens also tracked the same buyer and said the “Mysterious Whale from ShapeShift” now holds 126,634 ETH worth about $288.88 million. The Arkham data showed ETH as the largest holding in that wallet.

This buying activity shows that whale flows are not moving in one direction. On one hand, Garrett Jin’s wallet has sent large amounts of ETH to exchanges. On the other hand, the ShapeShift-linked wallet has continued adding ETH through Cow Protocol settlements.

For now, Ethereum faces a mixed whale setup. Exchange deposits rise near-term volatility risk, while fresh accumulation from another major wallet shows continued large-holder demand around the $2,280 area.

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