TLDR
- Hyperliquid trader increases Bitcoin short position to $496 million at 10x leverage following $192 million profit from recent market crash
- Wallet suspected to be linked to Garrett Jin’s network, former CEO of defunct BitForex exchange
- Original short opened less than one hour before Trump’s tariff announcement triggered crypto market downturn
- Two additional Hyperliquid whales hold $182 million in combined short positions across multiple cryptocurrencies
- Trader’s liquidation price set at $124,270 with current unrealized profit near $5.7 million
A cryptocurrency trader who profited up to $192 million from the recent market crash has opened a new Bitcoin short position worth $496 million. The Hyperliquid whale has more than doubled their initial bet over 48 hours.
Data from Hyperliquid block explorer Hypurrscan shows the position uses 10x leverage. The trader faces liquidation if Bitcoin reaches $124,270.
The whale started with $163 million before adding approximately $80 million in USDC. This funding increase shows continued bearish conviction despite Bitcoin recovering to $115,000 over the weekend.
The same trader made headlines last week after opening $900 million in shorts across Bitcoin and Ethereum. Their timing raised questions throughout the crypto community.
Controversial Timing Sparks Insider Trading Questions
The trader opened their previous short position less than one hour before President Trump announced new tariffs on Friday. The announcement caused crypto prices to drop sharply.
This timing led the community to label the wallet owner as an “insider whale.” The coincidental placement of the short bet sparked widespread speculation about possible insider information.
The wallet first appeared two months ago holding $11 billion worth of Bitcoin. The recent trades have made the mysterious investor one of the most watched addresses in crypto.
Blockchain investigators suggested connections to Garrett Jin, former CEO of the now-defunct BitForex exchange. Researcher Eye initially claimed Jin controlled the wallet.
Binance CEO CZ shared the theory on social media and requested verification. Later analysis from ZachXBT indicated the wallet more likely belongs to someone in Jin’s network.
Jin addressed the speculation directly on Sunday. He denied insider trading connections to the Trump family and stated the funds belong to clients he manages.
Other Major Traders Join Bearish Position
Two other significant Hyperliquid whales have opened short positions totaling nearly $182 million. These moves add pressure to the crypto market.
Whale wallet 0x9eec9 holds $98 million in shorts across DOGE, ETH, PEPE, XRP, and ASTER. Another whale identified as 0x9263 maintains $84 million in short positions against SOL and BTC.
These positions represent calculated bets by experienced traders. The combined bearish activity from multiple large wallets suggests coordinated downside expectations.
Market data indicates increased hedging activity since the crash. Put buying has risen across crypto derivatives platforms.
The main whale’s current position shows approximately $5.7 million in unrealized profit. Bitcoin currently trades around $114,000 after the recent volatility.
The trader continues to hold despite the market’s weekend recovery. The size of the position and aggressive additions suggest expectations of further price declines ahead.
