Hyperliquid, a decentralized exchange trader who became famous after earning more than $150 million on a successful short before the crypto market collapse on the night of October 10-11, 2025, opened a new short position worth more than $160 million.

According to HypurrScan, the trader invested more than $16 million in a 10x leveraged short on bitcoin, opening a position at $117,370. At the time of writing, his unrealized profit is over $4 million, while the liquidation price is $123,500 — down from the first cryptocurrency’s recent all-time high of over $126,000.

The trader attracted the first wave of attention after analysts discovered that a single Hyperliquid account had made over $150 million by shorting Bitcoin and Ethereum (ETH) just minutes before US President Donald Trump announced a 100% tariff on imports from China. The announcement triggered a sharp market drop and record liquidations on both centralized and decentralized exchanges.

According to a Specter analyst, the trader used $80 million to open a short on bitcoin and $30 million on Ethereum (ETH). The week’s profit from the two positions totaled about $158 million.

Some analysts drew attention to the exact timing of the position entry, which almost coincided with Trump’s announcement.

“The HyperLiquid whale shorting BTC/ETH yesterday was placing shorts up till exactly 1 minute before Trump threatened tariffs against China. The last short was placed at 20:49 GMT. Trump tweeted at 20:50 GMT. What incredible ‘luck’,” said investigator and blogger Coffeezilla on X.

In addition, blockchain analyst Eye found a weak connection between the trader’s activity and Garrett Jean, the former CEO of the bankrupt BitForex exchange, which lost $57 million from hot wallets in February 2024.

According to him, the wallet, which made deposits to the same Binance address as the trader’s wallet, sent USD40,000 to ereignis.eth two weeks before the short was opened. This address has an alternative ENS name — garrettjin.eth.

However, not all analysts agreed with this hypothesis.

“The only direct connection is a 40K USDT transfer and everything else in this post is unconfirmed theories. It seems more likely to be a friend of Jin,” crypto analyst ZachXBT wrote in X.

Additionally, analyst Emmett Gallic said that Garrett Gene had an active position on Polymarket related to political bets.

“Garrett Jin has had one position open on Polymarket and has been buying for the last few weeks: Yes shares on `Will Trump Pardon Changpeng Zhao in 2025?` Now Trump is thinking about pardoning him,” Gallic said.

The position attributed to Jin is valued at around $40,000, and currently has an unrealized profit of over $11,000 after the probability of such a decision increased.

As a reminder, the recent crash in the crypto market has caused the total losses of Hyperliquid users to exceed $1.23 billion.

Meanwhile, the blockchain’s founder, Jeff Yan, noted the deliberate underreporting of liquidation statistics on centralized exchanges by hundreds of times, while the Hyperliquid on-chain mechanism allows for real-time verification of all transactions, liquidations, and the system’s solvency.