Mysterious Hyperliquid trader is doubling down on their Bitcoin short

Cointelegraph

The Hyperliquid whale that banked $192 million shorting the recent market crash has doubled down on their new short position, having now loaded up almost half a billion over the past two days.

According to data from Hyperliquid block explorer Hypurrscan, the whale now has a short position worth around $496 million, at 10x leverage and a Bitcoin (BTC) liquidation price of $124,270.

The whale has more than doubled their bet since yesterday, after initially opening the position with $163 million. It marks yet another aggressive move betting against the market over the past week.

The crypto investor shot up on the radar two months ago with a whopping $11 billion worth of BTC in their holdings. Last week, they opened up $900 million worth of shorts on BTC and Ether (ETH).

The whale gained attention again after opening a curiously timed short position less than an hour before US President Donald Trump’s tariff announcement on Friday, which led to the crypto market crashing in its aftermath.

The community has dubbed the wallet owner as “insider whale,” given the strange timing of the short.

Who is this infamous whale?

The identity behind the wallet has not been confirmed; however, blockchain sleuths over the weekend pointed to a potential connection to Garrett Jin, the former CEO of BitForex, a now-defunct crypto exchange.

While crypto researcher Eye initially alleged that it was Jin, which led Binance CEO to repost the thread on X and request verification, later commentary from sleuths like ZachXBT suggested it was more likely to be one of Jin’s friends.

Jin essentially confirmed the connection on Sunday, after he fired back at CZ on X.

“@cz_binance, thanks for sharing my personal and private information. To clarify, I have no connection with the Trump family or@DonaldJTrumpJr — this isn’t insider trading,” he wrote.

Less than 20 minutes later, Jin followed up with another post stating that “the fund isn’t mine — it’s my clients’. We run nodes and provide in-house insights for them.”

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Mysterious Hyperliquid trader is doubling down on their Bitcoin short

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