A mysterious trader on the decentralized derivatives exchange Hyperliquid has once again shaken the crypto market. According to on-chain data from Hypurrscan, the trader — dubbed by the community as the “insider whale” — has expanded their Bitcoin short position to nearly $496 million, employing 10x leverage with a liquidation price near $124,270.
The move comes just days after the same wallet opened a $163 million short, effectively doubling their exposure against Bitcoin as the market hovers around $111,662. The whale previously gained attention for earning over $192 million during the recent downturn, successfully shorting ahead of a steep market decline.
Unusual Timing Raises Insider Speculation
The trader’s activity has been under intense scrutiny since last week, when they reportedly opened large short positions on Bitcoin and Ether — totaling around $900 million — less than an hour before a major U.S. policy announcement from President Donald Trump that triggered a market-wide sell-off.
Such uncanny timing has led traders to label the entity as an “insider whale.” As one blockchain researcher noted, “Moves of this magnitude, placed minutes before market-moving events, are rarely coincidences.”
Potential Links to Former BitForex CEO
Blockchain sleuths have attempted to trace the wallet’s ownership, suggesting possible connections to Garrett Jin, the former CEO of the now-defunct exchange BitForex. Although Jin publicly denied personal involvement, he acknowledged that the funds might belong to clients under his management, stating:
“The fund isn’t mine — it’s my clients’. We run nodes and provide in-house insights for them.”
Still, the connection has not been confirmed, leaving the trader’s true identity uncertain.
The crypto community continues to watch closely as this Hyperliquid whale’s strategy unfolds, testing whether the latest bold short will pay off — or backfire amid a potential Bitcoin rebound.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.