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The transactions occurred amid a broad market downturn that sent most crypto assets tumbling, as Bitcoin slipped below $71,000.
Garrett Jin, a prominent crypto trader commonly known as Bitcoin OG “1011short,” withdrew 80,000 Ethereum worth approximately $168 million from Binance on Thursday, according to on-chain data.
The transfers took place during a market-wide selloff that pushed most crypto assets lower, with Bitcoin falling below $71,000 and Ethereum dropping under $2,100. The total crypto market capitalization shed 6% to $2.4 trillion, per CoinGecko.
Heads up: Garrett Jin(#BitcoinOG1011short) has started buying back $ETH!
He just withdrew 80,000 $ETH ($167.8M) from #Binance.https://t.co/LyveMqUKoj pic.twitter.com/K18mvT4aoj
— Lookonchain (@lookonchain) February 5, 2026
The move signals a renewed interest in buying Ethereum, as Jin recently deposited a large Ethereum holding into Binance starting in late 2025, according to Lookonchain. Large transfers to exchanges are often seen as potential selling signals.
BREAKING!
The #BitcoinOG(1011short) with a massive $717M long position in $BTC, $ETH, and $SOL, just deposited 100,000 $ETH($292M) into #Binance.
Big move — what's the play?https://t.co/LyveMqUKoj pic.twitter.com/jVHuQE6Q84
— Lookonchain (@lookonchain) December 24, 2025
Jin has gained widespread attention for his on-chain moves during periods of extreme volatility. He is best known for a $735 million Bitcoin short on Hyperliquid that netted an estimated $160 million in profit just minutes before a massive market crash triggered by President Trump’s October 2025 tariff announcement.
The trader’s wallet shows that he still holds over 30,600 BTC worth over $2 billion.
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