Garrett Jin Closes $112M BTC Long for $8.38M Profit
Garrett Jin’s whale entity, wallet 0x92ea...50e9, closed a 1,333 BTC long position on Hyperliquid after holding it for three days. The position was opened at approximately $78,057 per BTC and closed at about $84,455, generating an estimated profit of $8.38 million. The trade was worth roughly $112 million at closure. The entity had also closed a ZEC short earlier on 21 September and currently has no open positions on Hyperliquid. Its on-chain holdings still include BTC, ETH and ZEC. The BTC long closure highlights significant whale profit-taking and may create short-term selling pressure, although it does not by itself confirm a broader bearish trend.
Neutral
The market impact is neutral because the trade has mixed signals. Closing a $112 million BTC long after a three-day rally may produce short-term selling pressure and could weigh on momentum if other leveraged traders follow the move. However, the position was closed for a substantial profit rather than at a loss, suggesting profit-taking instead of forced liquidation or a clear change in long-term conviction. The whale also retains BTC, ETH and ZEC spot holdings, indicating continued exposure to crypto assets. Similar whale position closures often increase volatility temporarily, but they rarely determine the broader trend without confirmation from price action, open interest, funding rates, exchange flows and follow-on liquidations. Traders should monitor whether BTC holds the $84,455 exit area and whether aggregate leverage declines. A sustained break below nearby support could strengthen the bearish interpretation, while stable prices and continued spot demand would suggest the closure was routine portfolio management.