TL;DR:
- Whale tied to Garrett Jin sold over 5,200 BTC and opened new shorts on Hyperliquid.
- BTC fell below $108,000, triggering fear and renewed selling pressure.
- Analysts warn of potential market manipulation as traders remain divided on BTC’s next move.
Bitcoin’s latest dip below $108,000 has revived anxiety across the market, with traders once again pointing fingers at a familiar name. A notorious whale, linked to former Bitforex founder Garrett Jin, has reportedly sold thousands of BTC while opening fresh short positions on Hyperliquid. The move comes amid growing liquidations and widespread spot selling that have shaken confidence in Bitcoin’s fragile recovery.
Whale Activity Drives Market Fear
BTC briefly slipped below $108,000 after touching highs near $113,000 earlier this week. The whale sent more than 5,200 BTC to Binance and Coinbase, marking another wave of coordinated selling activity. Simultaneously, the trader opened a 2,100 BTC short on Hyperliquid, with an unrealized loss of $6.87 million and a liquidation price of $123,780. Despite that, the position remains active, suggesting strong conviction in a continued downturn.
In past cycles, similar trades preceded significant market corrections. The same whale reportedly shorted BTC and ETH ahead of the October 11 crash, closing positions with substantial profits. Earlier this month, the trader realized up to $200 million from short positions, reinforcing their reputation as one of the market’s most influential players.
Speculation has intensified around Jin’s possible role in market manipulation. Analysts view the whale’s strategy as deliberate timing during low-liquidity periods to maximize downward pressure on BTC. Few participants possess the capital to maintain such large short positions without liquidation risk, further fueling suspicions of orchestration.
Despite mounting criticism, Jin’s alleged account, @garrettbullish, has remained silent since October 17. Yet his trading footprint persists. The market’s fear index plunged to 25 points, signaling “extreme fear,” even as over 70% of traders continue to bet long, hoping for a sharp rebound. For now, Bitcoin hovers around $108,013, its price pinned between speculation and manipulation.
