Whale Garrett Jin Moves $351 Million in Bitcoin to Binance

Trader Eugene Ng reports BTC OG whale Garrett Jin liquidated holdings, transferring thousands of Bitcoin to Binance amid heightened market caution.

BTC

69d ago

Summary

On Feb. 7, trader Eugene Ng Ah Sio stated that longtime Bitcoin whale Garrett Jin began liquidating his BTC positions. Earlier, blockchain data from Lookonchain recorded Jin moving 5,000 BTC worth about $351 million to Binance within two hours. This afternoon, the whale transferred an additional 3,401 BTC to Binance. Eugene Ng closed his own positions to avoid acting as exit liquidity, highlighting possible market risk from large-scale sales.

Terms & Concepts

Whale: A term used in cryptocurrency to describe an individual or entity that holds large amounts of a digital asset, capable of influencing market movements.
BTC: Abbreviation for Bitcoin, the first and largest cryptocurrency by market capitalization.
Binance: A global cryptocurrency exchange platform that facilitates trading of various digital assets.