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A highly active and enigmatic trader on the Hyperliquid platform has significantly increased their short position on Bitcoin, now holding nearly half a billion dollars in leveraged bets against the cryptocurrency. This aggressive move follows a recent substantial profit made by the same trader from a previous short position during a market downturn.
Key Takeaways
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A mysterious trader on Hyperliquid has expanded their Bitcoin short position to approximately $496 million.
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The trader is utilizing 10x leverage, with a liquidation price for Bitcoin at $124,270.
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Speculation suggests a potential connection to Garrett Jin, former CEO of the defunct BitForex exchange, though Jin denies direct involvement in insider trading.
Escalating Bitcoin Bet
The trader, who has amassed a significant following due to their bold market plays, has more than doubled their latest short position. Initially opened at $163 million, the position has now swelled to around $496 million, according to data from the Hyperliquid block explorer, Hypurrscan. This substantial bet is leveraged at 10x, meaning a relatively small price movement against the trader's position could lead to significant losses, with Bitcoin's liquidation price set at $124,270.
A Pattern of Aggressive Trading
This is not the first time the trader, dubbed the "insider whale" by the crypto community, has made large, well-timed bets. Two months ago, they gained attention for holding $11 billion worth of Bitcoin. Last week, they initiated shorts totaling $900 million across both Bitcoin and Ethereum. The trader's profile rose further after opening a substantial short position just before a significant market crash, which coincided with an announcement regarding tariffs from former US President Donald Trump.
Unmasking the "Insider Whale"
The identity of the trader remains unconfirmed, fueling speculation. Early theories pointed towards Garrett Jin, the former CEO of the now-defunct crypto exchange BitForex. While initial allegations suggested Jin was behind the trades, further analysis by blockchain investigators proposed it might be one of Jin's associates. Jin himself addressed the rumors on social media, clarifying that the fund belongs to his clients and denying any connection to insider trading related to the Trump family or specific political events. He stated, "the fund isn’t mine — it’s my clients’. We run nodes and provide in-house insights for them."
Sources
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Mysterious Hyperliquid trader is doubling down on its Bitcoin short, ADVFN Ltd.
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Mysterious Hyperliquid trader is doubling down on its Bitcoin short — TradingView News, TradingView.
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