The trader, operating under the alias Garrett Bullish and identified by some online sleuths as Garrett Jin, issued a public denial specifically addressing claims that his investment decisions were influenced by inside information issued by Trump family members. The trader’s denial comes after Binance founder Changpeng Zhao (CZ) shared a post that reportedly contained the trader’s personal information, amplifying the public scrutiny. Bullish explicitly insisted he had no connection to Donald Trump Jr.

The massive market downturn was triggered by U.S. President Donald Trump’s signal on Oct. 10th that he would impose punishing tariffs on China as retaliation over Beijing’s alleged attempts to block the export of rare earth minerals.

The announcement immediately sent global markets into a tailspin. The S&P 500 alone reportedly shed well over $1 trillion in value. The cryptocurrency market suffered far more extreme volatility: Bitcoin tumbled, and several altcoins saw their value obliterated by 50% to 80% in the ensuing hours. The widespread liquidation cascade wiped out an estimated $16 billion in long bets by the early morning of Oct. 11th, creating the perfect storm for short-sellers like Bullish to profit handsomely.

The scale of the profit—which some reports suggest exceeded $190 million—fueled the allegations that Bullish must have had prior knowledge of the administration’s market-moving announcement.

Amid the controversy, the trader took to X to share his perspective on the market collapse, describing the liquidation cascade as the worst ever. He argued that while President Trump’s announcement was the catalyst, the true underlying causes were twofold: escalating U.S.-China trade tensions and the systemic risk posed by extreme leverage.

Bullish asserted that rising trade tensions between the two economic powers had been largely ignored by investors due to prevailing bullish sentiment. Furthermore, he directly blamed the “highly leveraged long positions” that fueled the crypto market for creating the fragility. He articulated the core vulnerability of the asset class:

“Unlike stocks, most cryptocurrencies lack an inherent value anchor, driven more by investor sentiment—greed and fear. Therefore, exchanges offering aggressive 5x-100x leverage on such volatile assets to small retail investors are likely to trigger a liquidity crisis, whether prices rise or fall.”

To remedy this systemic risk, Bullish urged exchanges offering high leverage to implement a stabilization fund-like mechanism. He argued that such a mechanism could provide essential liquidity support during crises, which would, in turn, restore market trust and allow capital to flow back in, enabling the market to grow “healthily.”

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