A prominent whale trader on the decentralized exchange Hyperliquid has recently made headlines by shorting Bitcoin yet again, following a substantial profit from previous trades. The trader, who has been the center of speculation and controversy, added $40 million in USDC to their Hyperliquid account on Monday, employing 10x leverage to take a short position on Bitcoin valued at approximately $340 million.
This latest move comes on the heels of the trader’s recent success, which reportedly netted them nearly $200 million by shorting Bitcoin and Ethereum prior to a significant market downturn linked to a tariff announcement from former President Trump. The drastic market fluctuation led to record liquidations in the cryptocurrency sector, totaling around $19 billion. Despite allegations labeling the wallet owner a “Trump insider,” the individual has publicly denied any connection to the Trump family.
Blockchain analytics platform HypurrScan revealed that the Ethereum wallet with the identifier ending in “7283ae” deposited $40 million in USDC to Hyperliquid on Monday morning and initiated a 10x short position on Bitcoin shortly thereafter. As of now, this position is yielding approximately $700,000 in unrealized profits. Current calculations indicate that should Bitcoin reach an all-time high of $130,460, the trader’s position would face liquidation, erasing both the principal and any accrued gains.
Speculation has mounted around the timing of the trader’s actions, leading to claims that they might possess inside information regarding market-impacting announcements. Blockchain data firm Arkham Intelligence has even branded the trader a “Trump insider whale,” fueling further inquiry into their motivations and potential market influence. Previous transactions from the same wallet included a deposit of $80 million in USDC on the day the market crashed, alongside substantial short positions in Bitcoin.
In a striking sequence of events, just one day after opening the significant short position, the wallet saw a withdrawal of $150 million, which was subsequently transferred to a new wallet. This maneuver added to suspicions about the wallet’s connections to significant market movements. Speculation about the identity of the trader has pointed toward Garrett Jin, the former CEO of BitForex, who has confirmed his association with the wallet but claimed it houses his clients’ funds and not his personal assets.
Jin took to social media to refute any insider trading allegations, emphasizing his lack of connection to the Trump family amid rising scrutiny from the crypto community. Cryptocurrency prices experienced minor fluctuations recently, with Bitcoin up slightly to $115,796 while Ethereum saw a modest rise after experiencing declines earlier in the week. As the situation continues to develop, the crypto world remains watchful of this whale trader’s next moves and the potential ramifications on the broader market.
