In the recent market crash, the Hyperliquid whale profited $192 million by shorting and has doubled down on its new short position, investing nearly $500 million in the past two days.
According to data from Hyperliquid's blockchain explorer Hypurrscan, the whale now holds a short position worth approximately $496 million, using 10x leverage, with a Bitcoin liquidation price of $124,270.
Since yesterday, the whale's bet has more than doubled, having initially opened a position worth $163 million. This marks yet another aggressive bearish move in the market over the past week.
This cryptocurrency investor drew attention two months ago for holding $11 billion worth of BTC. Last week, they opened short positions worth $900 million in BTC and Ethereum (ETH).
The whale attracted attention again after opening a short position less than an hour before U.S. President Trump announced tariff policies, a timing that coincided with a subsequent drop in the cryptocurrency market.
Given the peculiar timing of the shorting, the community has dubbed this wallet owner an "internal whale."
The identity behind the wallet has not been confirmed; however, blockchain detectives pointed out over the weekend that it may be related to Garrett Jin, the former CEO of the now-defunct cryptocurrency exchange BitForex.
While cryptocurrency researcher Eye initially claimed it was Jin, leading Binance's CEO to retweet the post and ask for verification, follow-up comments from detectives like ZachXBT suggest it is more likely one of Jin's friends.
Jin essentially confirmed this connection on Sunday when he responded to CZ on X.
"@cz_binance, thanks for sharing my personal and private information. To clarify, I have no relationship with the Trump family or @DonaldJTrumpJr—this is not insider trading," he wrote. Less than 20 minutes later, Jin posted another message stating, "This fund is not mine—it's my client's. We run nodes and provide them with internal insights."
Related: Analysts say 'crowd FUD' is the best signal to buy Bitcoin (BTC)
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