The person who bought Bitcoin for $7,242 in 2018 yesterday sold ETH for $2,500. #Ethereum returns to $2,600
According to on-chain analyst Yu Jin monitoring, as reported by PANews on September 19, “Garrett Jin whale entity” accumulated 100,784 BTC at an average price of about $7,242 during May–June 2018. Starting in August 2025, it began gradually selling roughly 89,000 BTC and swapping it for about 900,000 ETH at an average cost above $3,500; these ETH were gradually transferred to Binance in the first half of 2026.
On September 19, he sold all 35,000 ETH withdrawn from Binance (about $87.5 million) at an average price of $2,500. The proceeds were used to add margin to a ZEC short position with an unrealized loss of about $34 million; the liquidation price of that short moved up from $2,631 to $4,738. The same entity was liquidated in February 2026 on Ethereum when the price fell from $3,000 to $1,800. Its 213,000 ETH long positions were liquidated, consuming margin of about $230 million. Cumulative trading mistakes led to losses of over $300 million.
At a cost of $3,500, with the current price of ETH at $2,572, these 900,000 ETH have an unrealized loss of about $830 million.
The market also isn’t favoring the bulls. Binance’s ETH account long/short ratio is 2.3245; 69.92% of accounts are going long, while for BTC it’s only 48.67%. Ethereum contract open interest over 24 hours fell from $6.302 billion to $6.037 billion, down 4.2%. The funding rate is 0.0015%, only 15% of the 0.01% benchmark. The price is $2,573, which is 3.5% below the 30-day high of $2,668. Over the past 24 hours, it’s -2.67%.
$ETH
From an account-based perspective, the most bullish view is Ethereum—funds are being withdrawn and the fees aren’t offering any premium. So at this level, I’m more bearish.
Personal opinion only; not investment advice
According to on-chain analyst Yu Jin monitoring, as reported by PANews on September 19, “Garrett Jin whale entity” accumulated 100,784 BTC at an average price of about $7,242 during May–June 2018. Starting in August 2025, it began gradually selling roughly 89,000 BTC and swapping it for about 900,000 ETH at an average cost above $3,500; these ETH were gradually transferred to Binance in the first half of 2026.
On September 19, he sold all 35,000 ETH withdrawn from Binance (about $87.5 million) at an average price of $2,500. The proceeds were used to add margin to a ZEC short position with an unrealized loss of about $34 million; the liquidation price of that short moved up from $2,631 to $4,738. The same entity was liquidated in February 2026 on Ethereum when the price fell from $3,000 to $1,800. Its 213,000 ETH long positions were liquidated, consuming margin of about $230 million. Cumulative trading mistakes led to losses of over $300 million.
At a cost of $3,500, with the current price of ETH at $2,572, these 900,000 ETH have an unrealized loss of about $830 million.
The market also isn’t favoring the bulls. Binance’s ETH account long/short ratio is 2.3245; 69.92% of accounts are going long, while for BTC it’s only 48.67%. Ethereum contract open interest over 24 hours fell from $6.302 billion to $6.037 billion, down 4.2%. The funding rate is 0.0015%, only 15% of the 0.01% benchmark. The price is $2,573, which is 3.5% below the 30-day high of $2,668. Over the past 24 hours, it’s -2.67%.
$ETH
From an account-based perspective, the most bullish view is Ethereum—funds are being withdrawn and the fees aren’t offering any premium. So at this level, I’m more bearish.
Personal opinion only; not investment advice