After a $150 million profit, the Hyperliquid whale opened a new short position for $160 million.

• The whale who made $150 million on the crypto market crash has opened a short position on Hyperliquid again.
• At the time of publication, his unrealized profits exceeded $4 million.
• The crypto community noted a possible connection between the user's address and the former CEO of BitForex.

A trader on the decentralized exchange Hyperliquid, who rose to fame after making over $150 million on a successful short before the crypto market crash on the night of October 10-11, 2025, has opened a new short position worth over $160 million.

According to HypurrScan, the trader invested over $16 million in a 10x-leveraged short position on Bitcoin, opening the position at $117,370. His unrealized profit currently stands at over $4 million at the time of writing, while the liquidation price is $123,500—below the cryptocurrency's recent all-time high of over $126,000.

The trader first gained attention after analysts discovered that one Hyperliquid account had earned over $150 million by shorting Bitcoin and Ethereum (ETH) just minutes before US President Donald Trump announced 100% tariffs on Chinese imports. This announcement triggered a sharp market decline and record liquidations on both centralized and decentralized exchanges.

According to analyst Specter, the trader used $80 million to short Bitcoin and $30 million to short Ethereum (ETH). Over the course of the week, the profit from both positions amounted to approximately $158 million.

Some analysts noted the precise timing of the entry, which almost coincided with Trump's announcement.

“The Hyperliquid whale was shorting literally until the last minute before Trump threatened tariffs against China. The last short was placed at 8:49 PM GMT. Trump tweeted at 8:50 PM. What incredible 'luck,'” noted investigative blogger Coffeezilla on X.

Additionally, blockchain analyst Eye found a weak link between the trader's activity and Garrett Jin, the former CEO of the bankrupt BitForex exchange, which lost $57 million from hot wallets in February 2024.

According to him, a wallet that deposited to the same Binance address as the trader's wallet sent 40,000 USDT to ereignis.eth two weeks before the short position was opened. This address has an alternative ENS name: garrettjin.eth.

However, not all analysts agreed with this hypothesis.

“The only direct connection is the 40,000 USDT transfer, the rest is unconfirmed speculation. It's more likely that it's simply an acquaintance of Jin's,” crypto analyst ZachXBT wrote in X.

Additionally, analyst Emmett Gallic reported that Garrett Jin had an active position in Polymarket related to political bets.

“Garrett Jin has been buying Yes shares on Polymarket for weeks on the question 'Will Trump pardon Changpeng Zhao in 2025?' And now Trump is actually considering it,” Gallic noted.

The position attributed to Gene is valued at around $40,000 and now has an unrealized profit of over $11,000 after the probability of such a move increased.

As a reminder, the recent crypto market crash has resulted in total losses for Hyperliquid users exceeding $1.23 billion.

Meanwhile, blockchain founder Jeff Yang noted the deliberate underreporting of liquidation statistics on centralized exchanges by hundreds of times, while Hyperliquid's on-chain mechanism allows for real-time verification of all transactions, liquidations, and the system's solvency.

Source: cryptonews.net