Garrett Jin Withdraws 77.48 Million USDT from Binance and Repays Aave Borrowing

Garrett Jin, a well-known crypto trader and Bitcoin OG, recently withdrew 77.48 million USDT from Binance and repaid a borrowing on Aave. The move came amid a broad market downturn that pushed Bitcoin below $71,000 and Ethereum below $2,100. On-chain activity suggests the withdrawal may reflect a broader trading strategy amid volatility.

Jin has been a consistent presence in high-profile crypto trades, including a $735 million Bitcoin short that yielded a $160 million profit before the October 2025 market crash. His recent Ethereum withdrawal of 80,000 ETH ($168 million) also occurred as the market capitalization of the broader crypto space fell 6% to $2.4 trillion. Large transfers to exchanges are often viewed as potential signals for selling activity.

The Ethereum withdrawal follows a similar pattern seen earlier in late 2025 when Jin deposited a large amount of Ethereum into Binance, raising questions about his market outlook. Withdrawing from the exchange and repaying Aave may signal a shift in his liquidity management approach during a volatile period.

Why Did This Happen?

The selloff in February 2026 has been driven by broader risk-off sentiment, with Bitcoin and Ethereum both posting significant declines. On-chain data from Lookonchain shows that Jin's Ethereum withdrawal occurred on February 5, 2026, during a sharp market correction. At the time, CoinGlass reported over $1 billion in leveraged liquidations, suggesting heightened pressure in derivatives markets.

Jin's repayment on Aave could also be a strategic move to reduce exposure to DeFi borrowing rates during a period of market stress. Aave, a major decentralized lending protocol, has seen fluctuating demand as crypto investors adjust to falling asset prices and tighter liquidity conditions.

How Did Markets React?

The market reaction to Jin's Ethereum withdrawal was mixed. While some interpreted it as a sign of potential selling pressure, others noted that large traders often move assets for strategic rebalancing rather than short-term trading. Lookonchain highlighted that Jin still holds over 30,600 BTC worth more than $2 billion, indicating a long-term bullish stance on Bitcoin.

Binance, as the primary exchange for the withdrawal, has remained a focal point in the broader crypto ecosystem. The exchange recently added $300 million in Bitcoin to its SAFU fund as part of a $1 billion BTC conversion initiative. This move has been seen as a broader effort to strengthen exchange-level liquidity and transparency.

What Are Analysts Watching Next?

Analysts are closely monitoring whether Jin's Ethereum withdrawal signals a broader shift in market sentiment or a tactical rebalancing within his portfolio. On-chain analysts are tracking the flow of assets into and out of major exchanges to identify potential price drivers. The broader Ethereum market, in particular, remains under pressure despite its long-term bullish narrative.

In the DeFi space, Aave's role as a liquidity hub is also under observation. The repayment of the loan suggests a possible tightening of borrowing activity among major traders. If more high-profile participants follow a similar path, it could signal a broader shift in risk tolerance during a volatile period.

Market participants are also watching how Binance's SAFU fund continues its Bitcoin conversion plan. With $300 million in BTC added to the fund in recent days, the platform is reinforcing its commitment to holding more of the leading cryptocurrency as part of its user protection strategy. This move could also influence broader institutional perceptions of crypto exchange security.

In summary, Garrett Jin's recent USDT withdrawal and Aave repayment are part of a larger narrative around market volatility, liquidity management, and strategic asset positioning. As the crypto space continues to navigate a turbulent environment, large on-chain movements remain a key barometer for investor sentiment.