A mysterious cryptocurrency "whale" who profited nearly $200 million by precisely shorting Bitcoin before the Trump administration's tariff announcement last week has expanded their bearish bets while denying allegations of being a "Trump insider."
According to data from HypurrScan, the block explorer for decentralized exchange Hyperliquid, an Ethereum address ending in "7283ae" deposited $40 million USDC stablecoins to the platform on Monday morning. The account subsequently established a 10x leveraged Bitcoin short position worth approximately $340 million, publicly signaling expectations for continued Bitcoin price declines.
As markets continued processing this development, Garrett Jin, the former CEO of BitForex associated with the address, publicly denied any connections to the Trump family and explicitly stated that his trades were not "insider trading." This statement responded to previous allegations from blockchain analysis firms and community speculation triggered by the "precise timing" of his Friday trades.
The trader's consecutive bearish moves have cast new shadows over the cryptocurrency market, which recently experienced a flash crash. While Bitcoin prices have slightly recovered over the past 24 hours, weekly performance shows an 8% decline, highlighting market fragility and the significant influence large traders have on market sentiment. Investors are closely monitoring this "whale's" next moves and potential ripple effects.
**New Short Position: $340 Million Bearish Bet**
The mysterious trader's latest move was 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 indicates the position's average entry price was $116,009. Currently, the trade has recorded over $700,000 in unrealized profits. However, high leverage also means high risk: if Bitcoin prices rebound to new highs of $130,460, the position would face forced liquidation, resulting in total loss of principal and floating profits.
Reviewing last Friday's operations, it was the "precise" timing that sparked insider trading speculation. According to HypurrScan and Arkham data, the address deposited $80 million USDC to Hyperliquid through Hyperunit and opened short positions for approximately 3,700 Bitcoin, valued at about $450 million.
Following this trade, the cryptocurrency market immediately plummeted due to Trump's statements, triggering a record $19 billion in on-chain asset liquidations, while the address profited nearly $200 million. The day after trading, the address withdrew $150 million from Hyperliquid and transferred it to a new wallet currently holding approximately $386 million USDC.
**"Trump Insider" Speculation and Denial**
The trader attracted attention due to the remarkable coincidence between their Friday operations and Trump's tariff policy announcement timing. Blockchain data company Arkham Intelligence consequently labeled them as the "Trump insider whale." While cryptocurrency commentators made similar accusations, no direct evidence currently indicates the trader had advance knowledge of Trump's actions.
As the situation developed, an on-chain analyst using the pseudonym "Eyeonchains" posted on social platform X, first connecting the address to former BitForex CEO Garrett Jin. The post was subsequently shared by Binance founder Changpeng Zhao ("CZ"), who commented:
"Not sure about its authenticity. Hope someone can cross-verify."
On Monday morning, Garrett Jin replied:
"Hi CZ, thanks for sharing my personal and privacy 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.'"