Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
An Ethereum wallet, previously linked to an alleged “Trump insider whale,” has closed a significant Bitcoin short position valued at over $200 million, yielding a profit of $6.4 million. This move, executed on the perpetual futures decentralized exchange Hyperliquid, occurred just before Bitcoin’s price experienced a notable increase.
Wallet’s Recent Activity and Alleged Connections
The wallet, identified by its address ending in “7283ae,” gained considerable attention earlier this month. It reportedly amassed nearly $200 million by shorting Bitcoin and Ethereum ahead of President Trump’s tariff threats on October 10. These threats precipitated market volatility, leading to a record-breaking $19 billion in crypto liquidations.
The latest trading activity began with a $30 million USDC deposit to Hyperliquid. The whale then opened a substantial Bitcoin short position, with mark prices ranging from approximately $109,000 to $113,000. As Bitcoin’s price declined on Tuesday afternoon and Wednesday, the trade became profitable, ultimately generating over $6.4 million upon closing the short positions.
This timely exit preceded a more than 2% rise in Bitcoin’s price on Thursday, with the asset trading around $110,500. According to data from Hypurrscan, a Hyperliquid block explorer, the account’s total profits on Hyperliquid now approach $100 million.
Denial of Trump Family Ties and CZ Pardon Bet
The Ethereum address has been linked to former BitForex CEO Garrett Jin. Jin has denied any connection to the Trump family and stated that his trades were not based on insider information. He asserts that the account belongs to a client, not himself.
In a separate development, an address associated with Jin himself made over $50,000 by accurately predicting President Trump’s pardon of Binance founder and former CEO, Changpeng “CZ” Zhao. Blockchain analytics firm Arkham reported that a Polymarket profile linked to Jin began buying “yes” shares in the “Will Trump Pardon CZ?” market 26 days prior, at $0.30 per share, continuing purchases until October 11.
President Trump’s pardon of Zhao on Thursday resolved the market in Jin’s favor, resulting in a profit of $56,824.
Ongoing Trading Behavior
Over the past month, the “7283ae” account has consistently deposited tens of millions of dollars in crypto to Hyperliquid for perpetual futures trades. As of Thursday afternoon, the address holds a $36 million balance in its perps account, ready for new positions, though it currently has no open orders.
