More than 113,000 ether has moved to exchange-linked platforms, heightening market tension.

On May 8, blockchain outlet BeInCrypto reported that Garrett Jin, BlackRock and Fidelity moved a combined more than 113,000 ETH worth about $260 million to Binance and Coinbase Prime within hours.

The biggest transfer came from Jin. An on-chain address identified as "#BitcoinOG1011" deposited 78,077 ETH to Binance that day, worth $178 million. The address still held 303,618 ETH valued at about $692.5 million. It also has 9,343 bitcoin remaining.

Jin also moved 165,000 ETH to Binance in a similar way two days earlier. The former Bitforex chief executive is known for big directional bets. Before a sharp drop in October 2025, he took a bitcoin short position worth $735 million, and in 2026 he adjusted asset allocations between bitcoin and ether several times.

Still, the deposit does not immediately mean spot selling. On-chain data alone does not confirm whether the move was for spot selling, hedging or portfolio rebalancing.

BlackRock's iShares Ethereum Trust sent 11,475 ETH to Coinbase Prime about 3 hours before Jin's transaction, worth $26.27 million. Fidelity then moved 23,919 ETH to Coinbase Prime within the next hour, worth $54.44 million.

A Coinbase Prime deposit does not always lead to spot selling. ETF issuers regularly use the platform for redemption-basket processing, custodied-asset transfers and authorised-participant-related fund flows. Still, moving assets to exchange-linked platforms can also be interpreted as an intent to sell.

The moves also overlapped with outflows from U.S. spot ether ETFs. On May 7, U.S. spot ether exchange-traded funds (ETFs) recorded net outflows of $103.51 million. Fidelity's FETH was the largest, with $62.26 million in redemptions, followed by BlackRock's ETHA at $26.31 million. ETH traded around $2,289 at the time of writing.