Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
A prominent cryptocurrency whale, previously accused of “Trump insider” trading due to uncanny timing, has opened a new $340 million short position on Bitcoin. The trader, whose Ethereum address ends in “7283ae,” deposited $40 million in USDC to the Hyperliquid perpetuals trading platform on Monday, utilizing 10x leverage to bet on a decline in Bitcoin’s price.
New Bitcoin Short Position
The latest short position was initiated with an entry price of $116,009. As of reporting, this speculative bet has yielded over $700,000 in unrealized profits. However, the entire position faces liquidation if Bitcoin’s price reaches $130,460.
Prior Market Moves and Insider Allegations
This move follows a highly profitable period for the same wallet last week, where it amassed nearly $200 million by shorting Bitcoin and Ethereum. These prior shorts were placed just before President Trump’s announcement of new tariffs on Chinese goods, which triggered a record $19 billion in crypto liquidations.
Blockchain data firm Arkham Intelligence has labeled the wallet holder a “Trump insider whale,” citing the timing of these trades. Other crypto commentators have echoed these accusations, suggesting the trader had foreknowledge of President Trump’s market-moving statements.
Trader’s Identity and Denial
While the wallet has been linked to Garrett Jin, the former CEO of BitForex, he has publicly denied the insider trading allegations. Jin confirmed his connection to the wallet but stated that the funds belong to his clients, not his personal account, and explicitly refuted any ties to the Trump family.
The connection between Jin and the whale was first highlighted by pseudonymous on-chain sleuth “Eyeonchains” and later amplified by Binance founder Changpeng “CZ” Zhao, prompting Jin’s direct response.
Market Context
The cryptocurrency market has seen significant volatility, with Bitcoin modestly rising in the last 24 hours to $115,796 but remaining down 8% on the week after Friday’s crash. Ethereum has climbed nearly 4% in the past day, though it is still down approximately 9% over the week, currently trading at $4,284.
This whale’s continued aggressive shorting strategy, coupled with the persistent insider trading allegations and the trader’s denial, underscores the high-stakes and speculative nature of the leveraged crypto derivatives market.
