A prominent cryptocurrency whale associated with Garrett Jin has sold over $340 million in Bitcoin, sending the funds to Binance and signaling potential selling pressure. This follows major losses on leveraged positions, including a $250 million liquidation of Ethereum holdings on Hyperliquid on February 1st. After once holding nearly $11.5 billion in Bitcoin, the whale’s holdings have dropped to around $2.2 billion, suggesting a strategic shift toward capital preservation amid volatile market conditions.
On-chain data shows a whale wallet linked to Garrett Jin has sold over $340 million in Bitcoin, sending $341.8 million to Binance. This move signals likely selling pressure and follows months of high-risk trading marked by sharp gains and heavy losses. At his peak, the so-called Hyperunit whale held nearly $11.5 billion in Bitcoin, but his holdings have now dropped to around $2.2 billion.
The whale’s aggressive strategy began to unravel on February 1st when his heavily leveraged Ethereum position on Hyperliquid was fully liquidated, resulting in a $250 million loss. This collapse raised doubts about the scale of his continued operations and marked the start of a more constrained phase. Earlier, in December, the whale had built more than $400 million in Ethereum exposure after profiting during the October crash.
He later attempted several comebacks, including buying over $60 million worth of Ethereum in late January after selling nearly $100 million earlier. His trading pattern showed heavy leverage, large bets, quick re-entries after losses, and constant movement of funds between platforms. The recent $340 million Bitcoin sale suggests a shift toward caution and capital protection.
Bitcoin was trading near $71,455 as technical indicators suggested the market remained under bearish pressure. A weak MACD and an RSI below neutral levels pointed to slowing bearish momentum. At the same time, falling Open Interest showed traders were pulling back instead of opening new positions.
The sharp drop in Open Interest, from around $61 billion to near $49 billion, signals widespread deleveraging. Many overleveraged traders have been forced out, while others are choosing to stay on the sidelines due to rising uncertainty. This phase, while painful in the short term, can help stabilize the market by lowering overall risk and limiting extreme price swings.
