The mysterious trader, known as the Hyperliquid whale, recently increased their Bitcoin short position by investing almost half a billion with 10x leverage. Community members are eager to unveil their identity as speculation swirls around them.

According to Hyperliquid’s block explorer, Hypurrscan, the trader currently holds a short position valued at approximately $496 million, setting a liquidation price of $124,270 for Bitcoin (BTC).

Mysterious whale doubling down on their Bitcoin short. Source: Hypurrscan

After previously profiting $192 million during a recent market decline, this whale has ramped up their stake since yesterday when they first opened at $163 million. This latest move points to a series of aggressive strategies against the market, which they have pursued throughout the past week.

The trader emerged on the radar just two months ago with a staggering $11 billion in BTC holdings. Last week, they also commenced $900 million in shorts on both BTC and Ether (ETH).

Interestingly, they made headlines after setting a short position merely an hour before a significant tariff announcement by US President Donald Trump, which precipitated a drop in the crypto market.

This trader has garnered the nickname “insider whale” due to the peculiar timing of their trades. Intriguingly, blockchain researchers suggest a potential link between this wallet and Garrett Jin, the former CEO of BitForex, a cryptocurrency exchange that is now defunct. Some analysts point to Jin’s friends as the actual wallet holder. Jin has clarified the situation on social media, stating he has no ties to the Trump family and stressed that the fund in question belongs to his clients, not himself.