Denying the "Trump insider," increasing short positions to $340 million! The "whale" who precisely targeted the crypto market last week has made new moves.

Denying the "Trump insider," increasing short positions to $340 million! The "whale" who precisely targeted the crypto market last week has made new moves.

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A mysterious “whale” who made nearly $200 million last week by precisely shorting before the Trump administration announced new tariffs has denied being a “Trump insider” and has once again ramped up bearish bets against Bitcoin.

According to data from HypurrScan, the block explorer of the decentralized exchange Hyperliquid, an Ethereum address ending in “7283ae” deposited $40 million USDC stablecoins to the platform on Monday morning. Subsequently, the account rapidly opened a $340 million short position on Bitcoin using 10x leverage, publicly expressing the expectation that Bitcoin’s price will continue to fall.

While the market was still digesting this new move, the person behind the address, former BitForex CEO Garrett Jin, publicly denied any connection with the Trump family, explicitly stating the trades were not “insider trading.” This was in response to accusations from blockchain analytics firms and the crypto community, arising from the remarkably precise timing of his Friday trades.

The trader’s successive bearish moves have undoubtedly cast a new shadow over a crypto market that has just experienced a flash crash. Although Bitcoin’s price has slightly rebounded over the past 24 hours, it’s still down 8% on the weekly chart, reflecting market fragility and the powerful influence whale traders exert over sentiment. Investors are now closely watching this “whale’s” next move and the potential chain reactions it may trigger.

New Short Position: $340 Million Bearish Gamble

This enigmatic trader’s new moves were both swift and decisive. HypurrScan data show that after depositing $40 million on Monday, the address used 10x leverage to open a Bitcoin short worth around $340 million.

Data indicate that the position's entry price averages $116,009. Thus far, the trade has booked more than $700,000 in unrealized profit. However, high leverage means high risk: if Bitcoin rebounds to a new high of $130,460, the position will be liquidated, and both principal and paper gains will be lost.

Looking back at last Friday’s trades, it was the “uncannily precise” timing that sparked speculation of insider trading. According to HypurrScan and Arkham, the address had deposited $80 million USDC to Hyperliquid via Hyperunit at the time and opened a short position equivalent to around 3,700 Bitcoins, worth approximately $450 million.

Immediately after this trade, the crypto market plunged in response to Trump’s remarks, triggering a record $1.9 billion in on-chain liquidations, from which the address profited nearly $200 million. The following day, the address withdrew $150 million from Hyperliquid and moved it to a new wallet, which currently holds about $386 million USDC.

“Trump Insider” Suspicion and Denial from the Person Involved

The trader’s activity drew particular attention because the timing on Friday closely matched the announcement of Trump’s tariff policies. Blockchain data firm Arkham Intelligence thus labeled the address as the “Trump insider whale.” While crypto commentators have echoed this accusation, there is currently no direct evidence that the trader had advance knowledge of Trump’s actions.

As the story spread, an on-chain analyst going by “Eyeonchains” posted on X (Twitter), linking the address to former BitForex CEO Garrett Jin for the first time. The post was later shared by Binance founder CZ (Changpeng Zhao), who commented:

“Not sure if it’s true. Hope someone can cross-check.”

On Monday morning, Garrett Jin replied:

Hi CZ, thanks for sharing my personal and private information. I want to clarify I have no connection to the Trump family or Donald Trump Jr.—this is not insider trading. The account is not a personal one, but uses ‘client funds’.

Risk Warning and DisclaimerThe market carries risks, and investment should be cautious. This article does not constitute personal investment advice, nor does it consider the particular investment objectives, financial situation, or needs of any individual user. Users should consider whether any opinion, viewpoint, or conclusion in this article suits their specific circumstances. Investing accordingly is your own responsibility. ```