A whale trader connected to former BitForex CEO Garrett Jin, known for a massive Bitcoin short during the October 10, 2025 crash, has shifted from a hypothetical $70 million profit to a $128 million net loss due to large leveraged Ethereum longs on Hyperliquid. Initially profiting nearly $200 million from BTC and ETH shorts, the trader's aggressive ETH longs, including a $200 million position with 50x leverage, led to severe liquidations and losses. Despite this, the trader remains active on Hyperliquid, recently buying $10 million of HYPE tokens and shorting $38 million of Zcash. This saga highlights the risks of overconfidence and the impact of large whale trades on crypto market liquidity and sentiment.
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