$ETH market tone has gotten heavier recently after a whale (Garrett Jin) deposited 261,024 ETH (~$543 M) to Binance, signaling a big shift in positioning rather than a random move. That transfer looks like intentional de-risking and coincided with broader sell-side pressure, the taker buy/sell ratio dropped, sentiment weakened, and derivatives markets tilted bearish.
But here’s the twist: exchange reserves are shrinking, meaning available ETH supply is tightening, which can absorb downside and set the stage for a recovery if outflows keep growing. What this really means is short-term pain driven by active whales, but structural supply compression could limit deeper drops.