The trader known as the “Hyperunit whale” has closed its entire leveraged ether position on Hyperliquid, realising a loss of about $250 million and leaving just $53 in the account, according to blockchain data firm Arkham.
The exit marks a dramatic reversal for a whale that previously made about $200 million by shorting bitcoin and ether ahead of the October 2025 tariff-driven market crash.
The account, which Arkham links to individuals connected to former BitForex chief Garrett Jin, was flagged after ether’s sharp decline this week pushed the position deep into loss.
“The fund isn’t mine – it’s my clients’,”
Jin previously said when denying ownership of the wallets while acknowledging he knew the trader behind the strategy.
Ether’s fall to around $2,400, down roughly 10% in 24 hours, had already driven unrealised losses above $130 million before the whale fully unwound the trade.
The trader had built an ETH long worth more than $700 million in recent months, with combined exposure across ETH, SOL and BTC exceeding $900 million, Arkham data showed.
The collapse underscores the risks of aggressive leveraged trading even for sophisticated market participants who previously timed the market with extraordinary success.
At the time of reporting, Ethereum price was $2,283.98.