The global financial and cryptocurrency community is in shock after the price crash of the two largest coins in the market, bitcoin and ether, last week, causing nearly $20 billion in capitalization to "evaporate".
Amid the liquidation of more than 1.6 million retail traders, an anonymous shark emerged with a huge profit.
A $200 million bet before the G hour
On October 10, US President Donald Trump suddenly posted a statement on social media about the possibility of imposing an additional 100% tax on all goods imported from China. This information immediately sparked a wave of fierce sell-offs across financial markets, from stocks to cryptocurrencies.
Bitcoin plummeted from a peak of $126,000 to $105,000, a 20% drop. Ether lost 30% of its value. The financial storm swept through, leaving behind heavy losses for investors using leverage.
But amid the chaos, blockchain analytics firm Arkham spotted something unusual. Just 30 minutes before Trump’s tweet, an anonymous account on the decentralized exchange Hyperliquid opened massive short positions on bitcoin and ethereum, a form of betting on asset prices falling.
The move signaled a strong belief that the market was about to crash. And that belief paid off. When bitcoin and ether prices bottomed, the account closed the position, netting an estimated profit of nearly $200 million.
Notably, less than 2 days later, Mr. Trump had another post with a softer tone, saying "everything will be fine", helping the market recover. The "shark"'s profit-taking timing was almost perfect.
The cryptocurrency market has just experienced a historic crash following Mr. Trump's announcement of new tariffs on Chinese goods (Photo: AdobeStock).
The Search for the Identity and Name of Garrett Jin
The scale and “suspicious timing” of the transaction has sparked a massive online manhunt. Who is behind the wallet? Did they get early access?
The analysis firm Arkham Intelligence quickly labeled the wallet a “Trump insider whale.” Attention then turned to Garrett Jin, a Chinese businessman who served as CEO of the now-defunct Bitforex exchange and COO of Huobi (now HTX).
The connection was brought to light by a blockchain analyst with the handle “eyeonchains,” who pointed out the blockchain connections between the whale’s wallet and Garrett Jin. The analysis was then retweeted by Changpeng “CZ” Zhao, founder of the Binance exchange, bringing Jin’s name even more to the forefront.
In response to the speculation, Garrett Jin had to speak up. He denied any connection with the Trump family as well as any insider trading. However, he admitted to being involved with the funds in the aforementioned e-wallet, but affirmed that they were "customer money" and not personal assets.
However, this explanation still cannot allay doubts from the community.
Sharks return, betting on a new crash
Just when it seemed like the story would calm down for a while, on October 12, the "whale" wallet with address 0xb317 continued to stir up a stir when it once again bet against bitcoin. Blockchain data shows that this wallet just opened another short position worth $ 163 million worth of bitcoin with 10x leverage on the Hyperliquid exchange.
This move is considered an extremely remarkable signal for investors. The whales who have won big seem to believe that the bitcoin price decline is not over yet. According to calculations, this position will be liquidated if the bitcoin price rises back to the $ 125,500 mark.
Currently, all transactions of wallet 0xb317 are publicly visible on the blockchain, allowing anyone to track. Investors are watching with bated breath, because the actions of big players like these not only reveal their views on the market, but can also create unpredictable price fluctuations.
Source: https://dantri.com.vn/kinh-doanh/truy-tim-ca-map-noi-gian-cua-trump-ban-khong-200-trieu-usd-bitcoin-20251015003613757.htm
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