CMC News

ETH Whale Lost $250M on Hyperliquid, According to Arkham Data

The trader behind one of crypto's most closely watched wallets has fully exited an $ETH long on Hyperliquid, absorbing a loss of approximately $250 million, according to data from Arkham. The account now shows a balance of $53, a number that would be unremarkable if not for the scale of what preceded it.

#On-chain analyst Eye first linked this wallet to Garrett Jin, former CEO of BitForex, in October 2025 through ENS domains "  ereignis.eth" and "  garrettjin.eth." Jin rejected the claim, telling reporters that the funds were not his. "The fund isn't mine, it's my clients'," Jin stated.

The wallet gained notoriety in October when it opened short positions on $BTC and $ETH, carrying over $1 billion in notional value. The market crash that followed triggered over $18 billion in #liquidations across the industry, and the #whale pulled roughly $200 million in profit.

After that windfall, the trader pivoted to long positions. By mid-January, Arkham data showed an $ETH long exceeding $730 million, with total exposure across $ETH, $SOL, and $BTC surpassing $900 million. On-chain analysts had flagged the position as increasingly precarious as $ETH prices declined through January, with unrealized losses exceeding $130 million before the account was closed out.

#ETH was trading around $2,400 at the time of the exit, having dropped 10% over the prior 24 hours. The decline forced the closure, turning months of positioning into a single wipeout on #Hyperliquid.

The $53 balance applies only to that one account. Arkham shows the trader still holds $2.7 billion worth of crypto across other wallets, meaning the loss was contained to a single leveraged bet rather than a portfolio-wide collapse.