Major holders, BlackRock, Fidelity all getting rid of Efirium?

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• Garrett Jin moved 78,077 ETH worth $178 million to Binance; he has 303,618 ETH left. BlackRock and Fidelity moved 35,394 ETH worth $80.7 million to Coinbase Prime in a matter of hours.

Garrett Jin moved 78,077 ETH worth $178 million to Binance; he has 303,618 ETH left. BlackRock and Fidelity moved 35,394 ETH worth $80.7 million to Coinbase Prime in a matter of hours.

These moves followed a net outflow of $103.5 million from U. S. spot Efirium ETFs on May 7.

On May 8, Ethereum whale Garrett Jin added $178 million in ETH to his Binance account. BlackRock and Fidelity also moved 35,394 ETH to Coinbase Prime within hours.

The total flow exceeded 113,000 ETH, totaling nearly $260 million. The transfers came as U. S. spot bitcoin ETFs saw outflows of $103.5 million the day before.

Keith, identified online as #BitcoinOG1011, still holds 303,618 ETH worth about $692.5 million. The same address holds 9,343 bitcoins (BTC). Two days earlier,

Jin sent 165,000 ETH to Binance in a similar scheme. The former BitForex top manager has earned a reputation for large directional bets.

his history includes shorting $735 million BTC before the October 2025 collapse. In 2026, the wallet repeatedly swapped assets between BTC and ETH.

Whether a recent deposit reflects a spot sale, hedging or portfolio rebalancing is not obvious on the blockchain.

Elsewhere, BlackRock’s iShares Ethereum Trust sent 11,475 ETH worth $26.27 million to Coinbase Prime three hours before the whale move. Within the next hour, Fidelity transferred 23,919 ETH worth $54.44 million.

Both BlackRock and Fidelity are selling $ETH!

BlackRock placed 11,475 $ETH ($26.27 million) on Coinbase Prime 3 hours ago.

ETF deposits on Coinbase Prime don’t always lead to spot sales. Issuers regularly use the platform to form buyback baskets, change custodians, and redistribute to authorized participants related to depositor activity.

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