Denying "Trump insider" rumors, increasing short positions to $340 millions! The "whale" who accurately targeted the crypto market last week makes new moves

The mysterious trader "whale" has acted swiftly and decisively. After depositing $40 million in principal on Monday, this address used 10x leverage to establish a bitcoin short position with a notional value of approximately $340 million.

Written by: Zhang Yaqi, Zhao Ying

Source: Wallstreetcn

A mysterious "whale" who made nearly $200 million in profits last week by accurately shorting ahead of the Trump administration's tariff announcement has, while denying being a "Trump insider," once again increased his bearish bets on bitcoin.

According to data from HypurrScan, the block explorer of the decentralized exchange Hyperliquid, an Ethereum address ending in "7283ae" deposited $40 million in USDC stablecoins to the platform on Monday morning. Subsequently, the account quickly established a $340 million bitcoin short position with 10x leverage, publicly signaling its expectation that the bitcoin price will continue to decline.

While the market was still digesting this new move, Garrett Jin, the former CEO of BitForex and the person associated with this address, publicly spoke out, denying any connection to the Trump family and explicitly stating that his trades were not "insider trading." This statement was in response to previous accusations from blockchain analytics firms and community opinion, which arose due to the "precise timing" of his trades last Friday.

The trader's consecutive bearish operations have undoubtedly cast a new shadow over the crypto market, which had just experienced a flash crash. Although bitcoin prices have slightly rebounded in the past 24 hours, the weekly decline remains at 8%, highlighting the market's fragility and the significant influence large traders have on market sentiment. Investors are closely watching this "whale's" next move and the potential chain reactions it may trigger.

New Short Position: A $340 Million Bearish Gamble

The mysterious trader's new move was both swift and decisive. HypurrScan data shows that after depositing $40 million in principal on Monday, the address used 10x leverage to establish a bitcoin short position with a notional value of approximately $340 million.

Data shows that the average entry price for this position was $116,009. As of now, the trade has recorded more than $700,000 in unrealized profits. However, high leverage also means high risk: if the bitcoin price rebounds to a new high of $130,460, the position will be forcibly liquidated, resulting in the loss of both principal and unrealized gains.

Looking back at last Friday's operation, it was the "precise" timing that sparked speculation about insider trading. According to HypurrScan and Arkham data, the address deposited $80 million USDC to Hyperliquid via Hyperunit at that time and opened a short position of about 3,700 bitcoins, valued at approximately $450 million.

After this trade, the crypto market plummeted following Trump's remarks, triggering a record $1.9 billion in on-chain asset liquidations, from which the address profited nearly $200 million. The day after the trade, the address withdrew $150 million from Hyperliquid and transferred it to a new wallet, which currently holds about $386 million in USDC.

"Trump Insider" Suspicion and Denial by the Party Involved

This trader has attracted attention because the timing of his operation last Friday coincided remarkably with Trump's tariff policy announcement. Blockchain data company Arkham Intelligence therefore labeled him as a "Trump insider whale." Although commentators in the crypto space have made similar accusations, there is currently no direct evidence that the trader had prior knowledge of Trump's actions.

As the incident developed, an on-chain analyst using the pseudonym "Eyeonchains" posted on social platform X, linking the address to Garrett Jin, the former CEO of BitForex, for the first time. The post was subsequently retweeted by Binance founder Changpeng Zhao ("CZ") with the comment:

"Not sure about its authenticity. Hope someone can cross-verify."

On Monday morning, Garrett Jin replied:

Hi CZ, thanks for sharing my personal and private information. To clarify, I have no relationship with the Trump family or Donald Trump Jr.—this is not insider trading. The account is not a personal account, but "client funds."