In a significant move within the cryptocurrency market, a notable whale has significantly escalated their short position following a recent market downturn, accumulating nearly half a billion dollars in just 48 hours. According to the Hyperliquid block explorer, Hypurrscan, this whale’s current short position is estimated to be around $496 million, utilizing a leverage of 10x and setting a Bitcoin (BTC) liquidation price at $124,270. This represents a substantial increase from their initial position of $163 million, which they opened just a day prior.
This aggressive strategy marks a continuation of the whale’s trend of betting against the market, an approach that has become particularly pronounced over the past week. Only two months ago, this crypto investor emerged on the radar with an impressive $11 billion in Bitcoin holdings. Last week, they heightened their visibility by initiating a $900 million short position in both Bitcoin and Ether (ETH).
The whale’s actions drew intense scrutiny and community speculation when they established a strategically timed short position just before US President Donald Trump’s announcement regarding tariffs. The announcement precipitated a substantial crash in the crypto market, prompting many to label this entity as an “insider whale” due to the seemingly prescient timing of their trades.
Efforts to unmask the whale have led to theories of their identity linking back to Garrett Jin, the former CEO of BitForex, a now-defunct cryptocurrency exchange. Initial claims surfaced from crypto researcher Eye, suggesting a connection that gained traction, even prompting Binance CEO CZ to seek verification on social media. However, subsequent insights from other blockchain investigators, including ZachXBT, hinted that the whale may be more likely associated with one of Jin’s acquaintances rather than Jin himself.
The situation escalated over the weekend when Jin addressed the allegations directly on social media, clarifying that he had no ties to the Trump family and asserting that the trades in question should not be classified as insider trading. He followed up shortly after with additional comments stating that the funds involved were not personally his but rather belonged to his clients, whom he assists with insights and operational infrastructure.
As the crypto community continues to scrutinize this dramatic market maneuver, the broader implications for trading strategies in the face of market volatility and speculation remain a point of considerable interest.
