The HyperUnit whale has moved its final ETH holdings to Binance, sparking sell-off speculation after $1.35B in Ethereum transfers.
Author: Kritika Gupta
11th May 2026- The HyperUnit whale, an on-chain entity widely linked to early Bitcoin holder and former BitForex executive Garrett Jin, also known as Bitcoin OG 10/11, has deposited the final portion of its Ethereum holdings to Binance. The whale once controlled more than $10 billion in combined BTC and ETH. Now, it holds virtually no ETH on-chain, with the remaining balance down to roughly $1.8 million or less, while it still retains about $750 million to $800 million in Bitcoin.
Over the past four days, on-chain data shows that the entity moved roughly 578,000 ETH, worth about $1.35 billion, to Binance deposit addresses. The latest transfers included major tranches of 225,627 ETH, worth about $528 million, and 108,169 ETH, worth about $250 million. Earlier batches exceeded $396 million and $178 million.
High Signal Summary For A Quick Glance
Coin Bureau
@coinbureau
🔥 LEGENDARY TRADER WHO NAILED THE 10/10 CRASH JUST DUMPED HIS ETH The $10B HyperUnit whale who shorted the Oct 10 market crash has deposited $526M in ethereum:native to Binance, per Arkham. This is the same whale who made headlines for rotating $5B of BTC into ETH. Now, his https://t.co/K4N47px6pZ
09:30 AM·May 11, 2026
Steady attention without excessive speculation.
The HyperUnit whale’s latest moves mark the final unwind of a high-profile but costly Ethereum bet. In late 2025, the trader gained legendary status after shorting both Bitcoin and Ethereum minutes before a sharp market crash triggered by U.S. President Trump’s tariff announcements in October 2025. That trade reportedly generated roughly $192 million to $200 million in profits.
Soon after, the whale made a massive rotation from Bitcoin into Ethereum. It transferred approximately $4.5 billion worth of BTC, around 39,738 BTC, into hundreds of thousands of ETH while Ethereum traded near all-time highs around $4,500. The trader then increased exposure through leveraged longs, including a record-sized ETH perpetual position on Hyperliquid that peaked above $730 million in notional value.
The HyperUnit whale has repeatedly used Binance deposits before major rotations and exits. In February 2026, the entity sent roughly $760 million in BTC to Binance in a single move, which triggered similar speculation about cashing out.
Earlier ETH dumps followed the same pattern. The January 2026 Hyperliquid liquidation also reflected a familiar playbook: move assets to exchanges, reduce exposure, and realize losses or gains. In addition, Arkham Intelligence and other on-chain trackers have repeatedly flagged transfers tied to the same wallet cluster.
Heavy buy-side liquidity on Binance absorbed the supply and prevented a broader breakdown. Meanwhile, traders on X and in on-chain communities split into two camps. Some framed the move as capitulation that could mark a local bottom, while others warned that it reflected a cycle-top signal.
Similar reactions followed the February BTC deposits and the January liquidation. Each event caused short-term FUD and volatility. Yet, the market avoided a sustained crash and showed resilience even against $1 billion-plus whale flows in liquid conditions.
Key milestones related to this development
The HyperUnit whale, linked to Garrett Jin, shorts BTC and ETH before the Trump tariff-driven crash and nets roughly $192 million to $200 million.
The whale rotates about 39,738 BTC, worth roughly $4.5 billion, into ETH near $4,500 and builds a record Hyperliquid ETH long above $730 million notional.
The whale fully exits its leveraged ETH long on Hyperliquid, realizes an estimated $250 million loss, and keeps the remaining spot ETH position.
The whale deposits roughly $760 million in BTC to Binance in one batch, repeating a large-scale exchange deposit pattern seen before major rotations or exits.
The whale deposits about 578,000 ETH, worth roughly $1.35 billion, to Binance across several tranches, including 225,000 ETH and 108,000 ETH batches.
The whale deposits its final ETH holdings to Binance, leaving zero meaningful ETH on-chain and retaining only about $750 million in Bitcoin.
No deadline has been announced. Traders are monitoring for confirmed ETH sales or further BTC transfers from the whale’s remaining stack.
As of May 11, 2026, the final ETH deposits have again sparked widespread discussion across crypto Twitter and analytics platforms, with Arkham Intelligence leading the alerts. Sentiment closely mirrors prior episodes. Bearish headlines dominate, and many traders now interpret the full unwind as a “smart money” exit or a warning sign for Ethereum.
Even so, early price action shows ETH holding near recent levels. Binance order books continue to show strong absorption, and no sharp immediate sell-off has appeared so far. Still, traders continue to watch implied volatility, funding rates, and open interest for signs of spillover into the broader altcoin market.
This development leaves the HyperUnit whale with a heavily Bitcoin-dominant portfolio. That shift may signal renewed conviction in Bitcoin, or it may simply reflect risk reduction after Ethereum’s painful drawdown.
For the wider market, the event highlights the influence of mega-whales while also showing the market’s growing ability to absorb large flows without panic. Analysts will now track whether Jin, or the entity linked to him, starts selling the remaining $750 million BTC stack or rotates into another asset.
In the near term, Ethereum’s ability to defend key support levels remains the main focus. Any actual selling pressure from these deposits could test the $2,200 to $2,300 area. However, continued absorption may strengthen the opposing view that this move represents capitulation rather than the start of a deeper sell-off.
As with all major whale activity, on-chain tools such as Arkham provide useful visibility into wallet movements. However, they cannot confirm final intent. The ETH could be sold, lent, used as collateral, or held on Binance. For now, that uncertainty remains the key driver behind market speculation.
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