Ethereum price is preparing for a major shock of $260 million

Garrett Jain, an Ethereum whale, deposited $178 million worth of ETH to Binance on May 8. BlackRock and Fidelity also sent a total of 35,394 ETH to Coinbase Prime within hours.

The combined inflow exceeded 113,000 Ethereum worth approximately $260 million. Remittances reached exchange-linked platforms, with US exchange-traded funds (ETFs) absorbing $103.5 million in outflows the previous day.

Garrett Jin shrinks ETH stack size by over 20%

The whale, tagged on-chain as #BitcoinOG1011, still holds 303,618 Ethereum worth approximately $692.5 million. The address also holds 9,343 Bitcoin (BTC).

Garrett Jane(#Bitcoin short OG1011) Just deposited another 78,077 $ Ethereum($178 million) to #Binance It still holds 303618 $ Ethereum($692.5M).https://t.co/LyveMqUKoj pic.twitter.com/eInqljbiXx

– Loconchain (@loconchain) May 8, 2026

Jin transferred 165,000 ETH to Binance two days ago in a similar pattern. the Former CEO of BitForex He built his reputation on Huge directional bets.

His track record includes $735 million worth of Bitcoin placed short before the October 2025 crash. The wallet traded between BTC and ETH multiple times in 2026.

Whether the last deposit reflects an immediate sale, hedging or portfolio rebalancing is not visible on-chain.

Spot ETF issuers add operational pressure

elsewhere, BlackRock’s iShares Ethereum Trust I sent 11,475 Ethereum worth $26.27 million to Coinbase Prime three hours before the whale moved. Fidelity followed with 23,919 ETH worth $54.44 million over the next hour.

BlackRock and Fidelity are both sold off $ Ethereum!

BlackRock deposited 11,475 $ Ethereum($26.27 million) to Coinbase Prime 3 hours ago.

Al-Ikhlas deposited 23,919 $ Ethereum($54.44 million) to Coinbase Prime in the last hour.https://t.co/8bR4bqlCRChttps://t.co/qmuDIrPHc6 pic.twitter.com/0b0LGnICAm

– Loconchain (@loconchain) May 8, 2026

ETF deposits to Coinbase Prime do not always translate to Instant sales. Issuers regularly use the platform for redemption baskets, custody transitions, and approved participant flows linked to investor activity.

However, moving coins to exchanges may also signal an intention to sell, in which case the moves by Gareth, BlackRock and Fidelity could ultimately translate into a sale.

Both moves coincide with a net outflow of $103.51 million from US Ethereum ETFs on May 7. Fidelity’s FETH fund led with redemptions of $62.26 million, followed by BlackRock’s ETHA at $26.31 million.

ETH is trading near $2,289 as of this writing. Traders will monitor ETF flow updates and Binance order books for signals turning deposits into visible sell-offs in the spot market.

this post Ethereum price is preparing for a major shock of $260 million appeared first on BeInCrypto.

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