An Ethereum wallet, previously associated with President Trump’s circle, executed a significant financial maneuver. On Wednesday, it closed a Bitcoin short position valued at over $200 million. This action occurred just before a notable Bitcoin price surge on Thursday. The blockchain analytics firm Arkham was the first to report the account’s movements. This whale linked to Trump closes Bitcoin short, generating millions.
The operation took place on the decentralized futures exchange Hyperliquid. The whale deposited $30 million in USDC on Sunday to initiate the trade. It opened its short position, betting on a downturn, with BTC prices between $109,000 and $113,000. The closing of the short position generated $6.4 million in net profit. Data from the Hypurrscan explorer shows this wallet has accumulated nearly $100 million in total profits on the platform.
This address (ending in “7283ae”) is not new to the radar. It gained notoriety in early October by earning nearly $200 million. It achieved this by shorting BTC and ETH just before Trump’s tariff threats. Those announcements triggered extreme volatility and record liquidations in the crypto market. Although the wallet is linked to former BitForex CEO Garrett Jin, he has denied connections to the Trump family.
Are we looking at the whale with the best timing in the market?
The precision of this latest trade raises suspicions once again. The whale closed its short right before Bitcoin rallied over 2% on Thursday. The price of BTC surpassed $110,500, moving above the original entry of the bearish bet. This ability to anticipate market volatility is astounding. Many in the community debate whether it is luck, superior analysis, or access to inside information.
Currently, the wallet holds $36 million in its Hyperliquid account, but with no open positions. Speculation about the origin of its funds and strategies persists. In parallel, another address linked to Garrett Jin won $56,000 on Polymarket. This account correctly predicted the presidential pardon by Trump for Changpeng “CZ” Zhao, Binance’s founder. This fact only adds more fuel to the theories about the operator’s connections.
