Garrett Jin
BitForex co-founder, tied to the $1.1B Hyperliquid short into the October 10, 2025 crash.
- Est. PnL
- -$130M
- Location
- China
Story
Research- Boston University economics 2008, China Construction Bank, Da Yo Trading in Hong Kong, operations at Huobi, a medical company in Frankfurt, then BitForex from 2017 to 2020
- Founded WaveLabs and shipped TanglePay, IotaBee and GroupFi, then the ETH staking firm XHash in 2024
- A Hyperliquid cluster ran a roughly $1.1B short across BTC and ETH into the 10 October 2025 crash, with reported profit of $150M to $200M
- The same account closed an ETH long for a reported $250M loss on 31 January 2026, leaving $53 on the venue, and was long 1,868 BTC again by August 2026
Notable trades
ETH
Aug 2025
~$4.23B rotated
BTC to ETH rotation. Investigators attributed the sale of more than 35,000 BTC, about $4.23B at the time, and the receipt of more than 570,000 ETH, deposited to the Ethereum beacon contract through XHash-linked infrastructure. Allocation and staking rather than a trade. Jin says the capital belongs to clients.
Polymarket
Sep 2025
~$56.8k
The ereignis.eth account, under the name bigwinner01, bought Yes on Will Trump pardon CZ in 2025? from 28 September 2025, staking about $28,677 and taking about $56,800 in profit when the pardon was granted in October. The only Polymarket position of size attributed to the cluster.
BTC
Oct 2025
~$150M to $200M
Short into the 10 October 2025 crash. The attributed cluster ran a combined short cited at about $1.1B notional, a widely repeated split being roughly $735M in BTC and $353M in ETH. The book was building around 30 hours before Trump's tariff post and expanded near the announcement, then closed quickly after the move. Reported profit ranges from $80M to $200M, with Arkham's the figure most desks repeated. Two days after being named, the same account was reported opening a further 10x BTC short, about $16M of margin against roughly $160M notional.
Trading style
A small number of large directional books in BTC and ETH, taken in perps at leverage, with satellite positions in ZEC and HYPE. He frames shorts as partial hedges against client spot inventory rather than as standalone bets, and holds through deep drawdowns: the attributed account sat about $42.55M underwater in December 2025 and about $23M underwater in August 2026 before the position turned.
The published research is cross-asset: tariffs, gold, oil, equity deleveraging and bitcoin dominance. He argues that most tokens have no cash flow and no value anchor, that crypto should adopt traditional market structure, and that exchanges should run stabilization funds. He writes in the first person plural and describes himself as being in his fifth cycle since 2013.
Quotes
“there's a time for bear traders, chop traders, bull traders. be water, my friend. switch mindset”
“The biggest problem in the crypto space is that most projects have no cash flow.”
Contributors
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