Onchain data has ignited speculation within the cryptocurrency market after it was revealed that two influential Ethereum whales were using the same Binance deposit address. Blockchain analytics firm Lookonchain unearthed this intriguing overlap in transactions linked to Trend Research and Garrett Jin, prompting discussions around potential coordination between the entities or if it simply reflects standard exchange practices.
The Binance deposit address in question initiates with 0xcdF and was used as an intermediary point for transfers. Lookonchain’s findings indicate that just one day prior to a major ETH transfer, a wallet associated with Trend Research transferred nearly 8 million USDT to the shared address. Shortly thereafter, those funds were directed into a Binance hot wallet identified by the address beginning with 0x28C.
Concurrent to this activity, a separate wallet attributed to Garrett Jin, described in the blockchain data as a “BTC OG Insider Giant Whale,” sent 10,000 ETH through the same deposit address, with those funds also reaching the designated hot wallet.
The timing of these transactions is notable as both Trend Research and Jin experienced significant losses during Ethereum’s recent market decline. Once a heavyweight in the market, Ethereum’s price plunged, adversely affecting numerous leveraged positions across the board. Amid this downturn, Trend Research, managed by Yi Lihua, had established a considerable leveraged position using ETH as collateral. Reports suggest that the firm borrowed stablecoins from Aave to maintain its exposure to Ethereum.
With ETH experiencing a stark price drop, the value of collateral decreased while the debt remained unchanged, ultimately resulting in a liquidation that saw losses amounting to around $686 million. Garrett Jin was similarly impacted during this turbulent period, with blockchain data hinting at efforts to manage or mitigate his leveraged positions as prices fluctuated.
While the nature of the shared deposit route has drawn scrutiny, analysts caution against jumping to conclusions. It’s often the case that large exchanges utilize shared deposit addresses for the sake of efficiency and streamlined fund administration. Such an infrastructure enables multiple users to interact with a common deposit address without any requisite connection between them. Binance has yet to issue a comment regarding these specific transactions.
Moreover, blockchain analytics firm Bubble Maps indicated that in a span of five days, Trend Research transferred approximately 332,000 ETH, valued at around $700 million, to Binance, primarily to settle debts with Aave. After these transactions, the wallet held just about 1.463 ETH.
As these events unfolded, Ethereum’s price plummeted to $1,750 on February 4, marking its lowest point since April 2025. This decline triggered waves of liquidations across DeFi platforms, where many traders leaned on leveraged strategies. Such strategies typically involve using ETH as collateral to borrow stablecoins for increased exposure. A swift price drop results in faster liquidation thresholds being breached, pressuring the market further.
In the midst of this market struggle, Jack Yi from Trend Research characterized their recent asset sales as a vital risk-management measure. In a public statement, he noted, “We’re just making some adjustments to control risk.” At this point, attention surrounding the shared Binance address remains palpable as analysts continue to monitor onchain activity, especially with Ethereum trading facing ongoing volatility.
