According to onchain analytics firm Bubblemaps, a Hyperliquid whale linked to former BitForex CEO Garrett Jin and the infamous 10/10 short trade would have been up more than $70 million if he had never traded Ethereum. However, the trader is now sitting on roughly $128 million in net losses after catastrophic ETH longs erased huge prior gains. The cluster has been in the spotlight since the October 10, 2025 flash crash when a Hyperliquid whale built massive short exposure into Bitcoin and Ethereum shortly before President Trump announced 100 percent tariffs on Chinese imports.
As reported by Binance Square, the whale held more than 100,000 BTC equivalent and was behind a $735 million BTC short on Hyperliquid during the October 10, 2025 crash. Arkham Intelligence later estimated between $190 million and $200 million in profit on those shorts across BTC and ETH as prices cratered. Yahoo Finance separately described the same trader as the "Hyperliquid whale who made nearly $200 million on the Oct. 10 crash," with blockchain sleuths linking the address to Garrett Jin, though Jin denied owning the wallet while acknowledging knowing the person behind it.
According to Binance coverage of a March 2025 liquidation, the address opened a more than $200 million long position on ETH using 50x leverage, staking about $4.3 million in USDC to control 113,000 ETH before being liquidated. Panoptic's market intelligence notes suggest similar oversized ETH longs followed, taking the wallet's aggregate realized loss on ETH north of $200 million as repeated attempts to time reversals ran into continued volatility and margin calls.
Despite the drawdown, the same cluster is back on Hyperliquid with familiar high-conviction bets. According to Bubblemaps, a connected address has recently deposited several million dollars of collateral to the perpetuals exchange, bought approximately $10 million worth of HYPE, the platform's native token, and opened a $38 million short position on Zcash (ZEC). This activity aligns with other whale tracking reports showing similar positioning patterns, including a trader dubbed "Evaded" who accrued about $7.5 million in profit in under four days from leveraged longs on ZEC and HYPE, then rolled into a $38.63 million ETH long using 25x leverage.
