A large Ethereum (ETH) whale has moved $1.35 billion worth of ETH to Binance, raising concerns about selling pressure in the market.

BeInCrypto, a blockchain media outlet, reported on May 11 that crypto whale investor Garrett Jin (개럿 진) transferred all 577,896 ETH he held to Binance over four days.

According to data from on-chain tracking account Lookonchain, most of the transferred amount was Ethereum that Jin switched into from bitcoin (BTC) eight months ago. Ethereum was priced at about $4,591 at the time. Lookonchain said the investor is now about $1.3 billion in losses.

A large transfer to an exchange does not necessarily mean an immediate market sell-off. Still, inflows to exchanges are generally seen as a sign that the likelihood of liquidation or cashing out is rising. The transfer is drawing attention because recent institutional movements and an increase in exchange holdings are appearing at the same time.

BlackRock and Fidelity also moved more than 35,000 ETH to Coinbase Prime last week. BlackRock deposited 11,475 ETH and Fidelity deposited 23,919 ETH. The market sees the moves by the two asset managers as a factor adding to short-term supply and demand pressure.

Flows among large holders also pointed in a similar direction. An analyst noted that since May, a pattern has continued in which Ethereum inflows to Binance surge on an hourly basis. The analyst saw Binance as holding about 3,620,000 ETH, about 24.6 percent of the total Ethereum supply held on centralized exchanges.

CryptoQuant data also showed that overall exchange Ethereum reserves increased. The figure rose to 14,950,000 ETH from 14,360,000 ETH on May 5. The more tokens accumulate on exchanges, the more sensitively the market tends to reflect the possibility of additional supply.

Still, it has not been confirmed whether this move will lead to actual selling. Whale investors sometimes move funds to exchanges not for immediate disposal but for collateral or liquidity management purposes. Even so, the overlap of a major whale transfer, institutional movements and rising exchange reserves has added to supply pressure in the Ethereum market.

In this situation, the next point for the market is whether the Ethereum deposited to exchanges leads to actual sell orders. If the amount is moved only for simple custody or collateral, concerns about selling pressure could ease. If large transfers continue and exchange holdings remain elevated, short-term supply and demand pressure could persist on the Ethereum price.

The Ethereum market has accordingly entered a phase of checking whether large whale and institutional movements lead to actual selling. With rising exchange reserves potentially acting as short-term supply pressure, future ETH flows on Binance and Coinbase Prime are expected to be a key variable determining price direction.