Shared Binance Address Between ETH Whales Raises Market Questions

TLDR

• Lookonchain tracked both whales using the same Binance deposit address.
• Trend Research sent nearly 8 million USDT through the shared address.
• Garrett Jin routed 10,000 ETH through the same Binance deposit path.
• Both entities reported large losses during Ethereum’s recent decline.

Onchain data has drawn market attention after two major Ethereum whales were seen using the same Binance deposit address. Blockchain trackers linked wallets tied to Trend Research and Garrett Jin to a shared routing address shortly before both reported heavy losses. The activity has triggered discussion across the crypto market about whether the overlap reflects coordination or routine exchange processing.

Shared Binance Route Draws Market Attention

Blockchain monitoring firm Lookonchain reported unusual overlap in transactions involving two major Ethereum holders. Wallets linked to Trend Research and Garrett Jin were seen routing funds through the same Binance deposit address. According to onchain records, the deposit address begins with 0xcdF and acted as a temporary transfer point. 

Funds from this address were later sent to a Binance hot wallet starting with 0x28C. One day before the ETH transfer, a wallet associated with Trend Research sent about 7,989,000 USDT to the same 0xcdF address. Shortly after, those funds moved into the Binance hot wallet.

Around the same period, a wallet labeled by Lookonchain as “BTC OG Insider Giant Whale,” linked to Garrett Jin, sent 10,000 ETH through the same address. That ETH was also forwarded to the same Binance hot wallet.

Losses Add Context to the Transfers

The shared routing gained attention because both entities suffered heavy losses during recent Ethereum price declines. Market data showed ETH falling sharply, which affected many leveraged positions.

Trend Research, led by Yi Lihua, had built a large leveraged position using ETH as collateral. The firm borrowed stablecoins from Aave to maintain a long exposure to Ethereum.

As ETH prices dropped, the collateral value fell while debt levels remained fixed. According to Arkham data, the position was liquidated, leading to a reported loss of about $686 million. Garrett Jin also faced losses during the same period. Onchain data showed his wallets were active during the decline, suggesting efforts to manage or exit leveraged positions.

Exchange Practices Provide Alternative Explanation

Despite the shared deposit route, analysts urged restraint in drawing conclusions. Large exchanges often use shared deposit addresses to streamline internal fund handling. A market analyst stated that multiple users can be assigned the same deposit address without direct contact. 

This setup can apply to both stablecoin and ETH transfers. “Shared addresses are often part of standard exchange infrastructure,” the analyst said. Binance has not commented on the specific transactions.

Blockchain analytics firm Bubble Maps reported that Trend Research moved about 332,000 ETH worth $700M to Binance over five days. The transfers were used to repay Aave debt. Afterward, the wallet held roughly 1.463 ETH.

Leverage Risks Resurface During Market Declines

The events unfolded as Ethereum prices dropped to $1,750 on February 4. This level marked the lowest price since April 2025. The decline caused liquidations across DeFi platforms, as many traders relied on leveraged loop strategies. 

These strategies use ETH collateral to borrow stablecoins and increase exposure. When prices fall quickly, liquidation thresholds are reached faster. This process forces asset sales, which adds further market pressure.

Jack Yi described Trend Research’s sales as a risk-control step. “We’re just making some adjustments to control risk,” he said in a public post. At present, the shared Binance address remains an observed onchain detail. Analysts continue to monitor activity while Ethereum trading remains volatile

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