Onchain Data Links Two Major ETH Whales via Binance Address

Onchain data has revealed a connection between two major Ethereum (ETH) holders, Garrett Jin and Trend Research, through a shared Binance address. According to Lookonchain, both entities routed funds through the same address before reaching a Binance hot wallet. The discovery occurred amid heavy losses for both parties during recent Ethereum market turbulence.

The shared deposit route has sparked debate in the crypto community. Some analysts suggest the activity may indicate coordination between the two traders, while others argue it is likely just a common routing method used by exchanges. Lookonchain noted that the address in question, 0xcdF, acted as a middle step before transferring funds to a Binance hot wallet.

Garrett Jin, a high-profile crypto trader, faced a massive liquidation after taking a $900 million leveraged long position. Trend Research, linked to Jack Yi and Liquid Capital, also suffered significant losses due to large long positions. Both entities reported heavy losses during the recent Ethereum price drop, which triggered a wave of liquidations across the market.

Why Did This Happen?

The shared Binance address gained attention because of the large losses both traders incurred during recent market volatility. Onchain data showed leveraged positions being hit as Ethereum prices dropped sharply. Trend Research reportedly lost hundreds of millions of dollars after large long positions faced liquidation. Garrett Jin also suffered heavy losses after aggressive leveraged trades. These events occurred during a broader market decline, when many leveraged positions across the crypto space were forced to close.

How Did Markets React?

The discovery of the shared Binance address triggered speculation across the crypto community. Some users suggested the two entities could be part of a larger coordinated strategy or even the same operator. Others pointed out that shared deposit addresses are common on large exchanges and may not signal direct coordination. One market observer noted that the losses likely came from crowded trades and high leverage, not secret coordination.

The situation highlights the risks of aggressive leverage in crypto markets. Large positions can look safe during calm periods. But when prices drop quickly, liquidation levels can trigger chain reactions. Recent market data already showed billions of dollars in long positions at risk across Ethereum. The losses tied to these whales reflect that broader trend.

What Are Analysts Watching Next?

The shared Binance address link remains an onchain observation rather than confirmed evidence of coordination. Still, the episode has added another layer of intrigue to an already volatile period for ETH whales. Analysts are now watching how these entities manage their remaining positions and whether they adjust their trading strategies in response to the recent losses.

The focus has shifted to the risks of leverage in crypto markets. Large positions can look safe during calm periods. But when prices drop quickly, liquidation levels can trigger chain reactions. The broader market impact of such events could provide further insights into how major players navigate the current volatility.