Garrett Jin Moves $4.23B BTC to ETH: Why Trump and Binance CZ in Focus

Could one crypto whale’s trades trigger political speculation and a $5 billion market shake? Garrett Jin, a major BTC whale, recently made headlines amid rumors linking him to Donald Trump.

What happened?

In August-September 2025, Garrett Jin sold more than $4.23 billion of Bitcoin in order to buy Ethereum. He transferred over 35,000 BTC in several wallets during this time before staking the converted ETH in a Beacon Deposit Contract, a service that holds crypto to earn rewards to the network.

Source: Wu Blockchain X

These dealings were accompanied by a short position of BTC of 735 million, which creates speculation regarding possible market manipulation. Investigators of blockchain tracked these flows to the ENS domain ereignis.eth belonging to Jin, which verified his role in massive activities on such platforms as Hyperliquid/Hyperunit.

He has a significant crypto career: he was an employee of Huobi (HTX), a co-founder of BitForex, and a founder of WaveLabs VC, TanglePay, IotaBee, GroupFi, and XHash. BitForex, which he led, was subject to legal investigation, withdrawal freezes, and embezzlement claims. His recent whale movements, along with past scandals, have made him a target of crypto markets.

What Binance CZ says

The story was reinforced by Binance CEO Changpeng Zhao (CZ), who tweeted a Polymarket bet by Garrett that he would be pardoned by Trump in 2025. Although the information provided by CZ was doubted, this public post correlated the trading activity of Jin to political speculation, which caused a heated debate within the community.

Source: Binance CZ X

What did Garrett Jin add to the controversy?

He quickly clarified the situation on X (Twitter), stating that the funds belong to clients, not him personally. His team manages nodes and provides in-house research for investors. He also pointed out that these trades are not connected to insider trading, and he did not have any relations with the Trump family.

He provided insight on bearish market trends and how the crypto industry can enhance transparency, refuting the narratives of personal gain or political conspiracy.

Source: Garrett X

Why is Donald Trump in the controversy?

The Trump angle arose because Jin held a major position on a Polymarket bet predicting a Trump pardon for Binance CZ in 2025. This fueled rumors that his trades could be politically influenced. Jin denied any links, explaining that his trading and client fund management were independent of politics.

The story illustrates how cryptocurrency markets and political events can become intertwined in public perception, especially during high-profile speculative movements, similar as Trump Tariffs on China leads to Crypto Market Crash on Saturday, 11 October, 2025.

What can be concluded from everything that happened?

The incident highlights the complexity of crypto trading, where whale movements, political speculation, and public scrutiny collide. Even though Garrett manages client funds transparently, the history of controversies and shady dealings highlights the importance of improved accountability and transparency in the cryptocurrency industry.

Source: Garrett's RecentTweet

Final Wrap-up

The clarification removes speculation, yet the tale highlights the unpredictable nature of cryptocurrency due to massive transactions, political speculation, and social media scrutiny, which supports the idea of open communication.