Bitforex founder moves $1.35B in ETH to Binance, marking a major crypto portfolio shift.

Garrett Jin, founder of the defunct Bitforex exchange, transferred 577,896 ETH worth about $1.35 billion to Binance over four days. Jin originally acquired this ETH by swapping bitcoin when ETH was priced at $4,591 but has since seen the position lose nearly 49% in value. Despite this loss, Jin still holds roughly 9,343 BTC valued at $757 million, indicating a significant remaining crypto portfolio. This move highlights ongoing challenges for Ethereum amid institutional outflows and may signal further market activity as the deposits could lead to spot sales or other uses on Binance.