The Rise and Fall of a Crypto Whale
It’s a story that shows just how quickly fortunes can change in crypto markets. The trader known as the “Hyperunit whale” made headlines last October by reportedly earning around $200 million. They did this by shorting major cryptocurrencies like Bitcoin and Ether just before President Trump announced tariffs on Chinese imports.
The timing was almost too perfect, really. The announcement triggered a market crash that led to over $18 billion in liquidations across the industry. Naturally, this raised some eyebrows about potential insider knowledge, though there’s been no evidence of any wrongdoing.
The Costly Pivot
What happened next is perhaps more interesting, or maybe just more cautionary. After that big win, the whale decided to switch strategies. They went long on Ethereum, building a position worth more than $730 million by mid-January. Their total investments across ETH, SOL, and BTC exceeded $900 million at one point.
But markets have a way of humbling even the most successful traders. This week’s price declines hit hard. According to blockchain analytics firm Arkham Intelligence, the whale ended up selling all their holdings on Hyperliquid. The result? Estimated losses of around $250 million.
The Aftermath
What’s left now is pretty stark. The Hyperliquid account has been reduced to just $53. That’s after months of profits were wiped out in what feels like no time at all. It’s worth noting, though, that Arkham data shows the same account still holds $2.7 billion in other cryptocurrencies elsewhere.
The identity angle adds another layer to this story. On-chain analysts initially connected the wallet activity to Garrett Jin, co-founder of WaveLabs and GroupFi. Jin has denied ownership of the funds, saying they belong to his clients. He claims to know who’s responsible for the trades but isn’t saying more.
Market Context and Reactions
Ethereum’s price action hasn’t helped matters. It’s trading around $2,418, down about 10% over the last day. The market structure remains bearish, with demand zones being tested but no clear trend shift confirmed yet.
On-chain analysts have been warning about the risks here. They pointed out that the whale was moving into more risky positions just as ETH prices started declining this month. Reports showed more than $130 million in unrealized losses before the final sell-off.
This whole episode has sparked conversations among crypto investors about leveraged trading risks. Even market experts can get caught out, it seems. The volatility that creates opportunities also creates these dramatic reversals.
I think what stands out is the scale of the swing—from $200 million profit to $250 million loss on what appears to be the same trading account. It’s a reminder that past success doesn’t guarantee future results in crypto markets. The strategies that work in one market condition can fail spectacularly in another.
The whale’s story isn’t over, of course. With $2.7 billion still held elsewhere, they have resources to recover. But the Hyperliquid episode serves as a case study in how quickly things can change when leverage meets market volatility.
