Crypto traders have again been captivated by the activity of one single wallet, this time by the activities of Garret Jin (the first CEO of BitForex, which ultimately went out of business), who is often referred to as the “Trump insider whale.” Garret’s account has just completed an enormous liquidation event. Over the weekend, wallets linked to the Hong Kong businessman transferred more than $1 billion in Bitcoin and Ethereum to centralized exchanges, sparking a flurry of volatility and renewed speculation about his connections to the former U.S. president’s inner circle.
One of the largest individual sell-offs in 2026 occurred during this period of time – between February 14th and February 15th – in a rapid sequence of transfers. While the market has absorbed much of the volume, the sheer scale of the move has traders asking: what does the “smart money” know that we don’t?
The Billion-Dollar Movement
Blockchain tracking platforms, including Arkham Intelligence and Whale Alert, first flagged the activity late Saturday. Data indicates that Jin’s associated wallets deposited approximately 261,024 ETH—valued at roughly $545 million—directly into Binance. This massive influx of Ether coincided with a separate tranche of Bitcoin transfers estimated to be worth over $450 million.
The timing was surgical. The transfers hit the order books just as the broader crypto market was showing signs of “defensive” positioning. Ethereum, in particular, felt the weight of the move, briefly dipping below the psychological $2,000 support level as the market priced in the potential sell pressure. Even though Bitcoin had not changed quite much, these arbitrage and retail traders took advantage of ‘whale alerts’ by lifting the total volume of trade up across almost every major exchange.
Who is Garret Jin?
Garret Jin appears to be a typical wealthy trader to the casual observer, yet his career is filled with urban myth and folklore about the industry. He served as the Chief Executive Officer (CEO) of BitForex until 2024, when that exchange suffered from allegations of fraud and was subsequently shut down due to the loss of all of its customers’ funds. Since then, Garret has been involved in many other projects, including the institutional staking platform known as XHash.
But Garret’s notoriety increased dramatically during late 2025. On-chain investigators, most notably the pseudonymous sleuth “Eye,” linked Jin’s wallets to a series of suspiciously timed trades that seemed to front-run policy announcements from Donald Trump. Jin has repeatedly and vehemently denied these allegations. “To clarify, I have no connection with the Trump family… this isn’t insider trading,” he posted on X (formerly Twitter) last year, claiming the funds belong to clients for whom he manages risk.
The “Perfect” October Trade
The scrutiny on Jin’s current sell-off is magnified by his track record. The same wallet now liquidating assets is legendary for a trade executed in October 2025. From one leveraged position, the wallet generated in profits over $250 million during a time of rapid price appreciation.
Sleuths noted that the wallet opened massive short positions on Bitcoin just minutes before President Donald Trump announced a 100% tariff on Chinese technology exports—a move that crashed the market. The precision of that trade earned the wallet a reputation for having a “100% win rate” and fueled the “Trump Insider” narrative. While no public audit has verified his entire trading history, the “perfect timing” of the October trade remains a central piece of evidence for his critics.
Market Reaction: Jitters and Absorption
After the weekend’s $1 billion transaction, markets experienced both short-term volatility and surprising strength. The price of Ethereum dropped nearly 5% below $2000 at one point before buyers stepped in to support the price level. The price of Bitcoin seemed to have more liquidity than Ethereum; therefore, the sell wall on Bitcoin did not move as much. However, there was a brief dip in futures rates on future exchanges, indicating that shorts were actively opening up new positions.
“The market had already prepared for it,” noted one analyst on TradingView, suggesting that sophisticated actors had seen the on-chain movements before the funds hit the exchange. “Instead of capitulation, we are seeing a rotation. But when a player of this size exits, you have to wonder if the top is in.”
Ongoing Monitoring
As of Monday morning, no further billion-dollar transactions have been confirmed, but the crypto community remains on high alert. Large transfers to exchanges are typically a bearish signal—a precursor to selling assets for cash or stablecoins.
Traders are now glued to blockchain explorers, watching to see if Jin’s remaining wallets—which are rumored to still hold significant assets—will begin to move. Whether this is a simple portfolio rebalancing or a strategic exit ahead of another geopolitical shock remains the billion-dollar question.
