Hyperliquid whale opens $160 million short position

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Summary

A Hyperliquid (HYPE) whale has reportedly opened a new $160 million leveraged short position.
The position's liquidation price is $123,500, which is below Bitcoin's recent peak.
The whale reportedly made $158 million in profit in the past, and some have mentioned a possible link between the relevant wallet and BitForex's co-founder.

A Hyperliquid (HYPE) whale that recently earned about $150 million from a large short position just before a sharp crash has again opened a new leveraged short position worth $160 million.

On the 12th (local time), The Block reported that the whale built a new short position at the Bitcoin price range of $117,370 with 10x leverage. The position's liquidation price is $123,500, which is below the recent Bitcoin peak ($126,080). The current unrealized profit is estimated at about $4 million.

The whale drew attention on the 10th when it took a large short position just before former U.S. President Donald Trump's announcement of a 100% tariff on Chinese imports.

At that time, Bitcoin and Ethereum prices plunged, reportedly yielding about $158 million in profit. One trader said, "The last short position was opened one minute before Trump's tweet," raising the possibility that insider information was leaked.

Meanwhile, some on-chain analysts have suggested that the wallet may be associated with Garrett Jin, co-founder of the exchange BitForex, which was shut down after a hacking controversy in 2024.

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