Garrett Jin transferred 577,700 ETH, valued at about $1.35 billion, to Binance between May 6 and May 10, according to blockchain analytics account Lookonchain. The reported average transfer price was $2,337 per Ether. After the transfers were completed, ETH fell by more than 20%. Large transfers to a centralized exchange (crypto trading platform) are often watched by the market because they can signal potential selling activity, although the source only confirms the movement of funds and the subsequent price decline.