The enigmatic crypto trader known as the “Hyperunit whale” has transitioned from a significant profit to a staggering loss in the volatile cryptocurrency market. Initially, this trader gained approximately $200 million by shorting major cryptocurrencies, including Bitcoin and Ethereum, just before a sharp downturn triggered by US President Donald Trump”s tariff announcement in October.
Recent data from blockchain analytics firm Arkham Intelligence revealed that the whale has now suffered losses estimated at around $250 million. Following this downturn, the trader reportedly liquidated their entire Ethereum treasury into the trading platform Hyperliquid, leaving their account balance dangerously low at just $53. This drastic change highlights the risks associated with leveraged trading, especially in a market that has shown structural bearishness.
Currently, the price of ETH sits at $2,418.31, reflecting a decline of approximately 10.31% over the past 24 hours, according to CoinMarketCap. Analysts have pointed out that Ethereum is experiencing significant sell-side pressure, lacking strong demand to counteract the bearish sentiment that has taken hold this month. The interaction between demand zones and nearby supply levels will be crucial in determining whether ETH stabilizes or continues its downward trajectory.
On-chain analysts voiced concerns regarding the whale”s risky maneuvers, particularly as Ether”s value dropped. Reports indicated that the whale had accrued over $130 million in unrealized losses after the latest market fluctuations. The trader first garnered attention in October of last year when their wallet activity was linked to Garrett Jin, a co-founder of both WaveLabs and GroupFi, and formerly a vice president at BitForex. Jin, however, has distanced himself from the funds, asserting that they belong to clients rather than himself.
Back in October, the Hyperunit whale established short positions exceeding $1 billion in both BTC and ETH right before Trump announced a significant tariff increase on imports from China. Speculation arose about the possibility of insider knowledge influencing these trades, yet no evidence of wrongdoing has been substantiated. Following the whale”s profitable shorts, a massive market crash ensued, leading to over $18 billion in liquidations within the crypto space.
After capitalizing on the downturn, the whale opted for long positions, reportedly investing more than $730 million in Ethereum. At the same time, total investments across ETH, SOL, and BTC surpassed $900 million. However, the recent market downturn has compelled the Hyperunit whale to offload all their holdings, culminating in the current financial predicament.
This incident has raised alarms among crypto investors about the inherent risks of leveraged trading, even among seasoned market participants. As the market continues to grapple with volatility, it remains essential for investors to exercise caution and stay informed about market dynamics.
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