In a striking development within the cryptocurrency market, the Hyperunit whale, linked to Garrett Jin, has completely liquidated his Ethereum holdings. This decision comes amid a significant downturn in ETH prices, which have plummeted to approximately $2,400, as analysts warn in the report.
Significant Losses for Trader Jin
The liquidation has resulted in an estimated loss of $250 million for Jin, highlighting the risks associated with trading in such a volatile environment. This move follows a series of profitable short trades that Jin executed last year, illustrating the unpredictable nature of leverage in the crypto space.
Impact on Hyperliquid Account
As a consequence of this selloff, the whale's Hyperliquid account now holds a mere 53 ETH, a stark contrast to his previous position. This situation serves as a reminder of the rapid shifts that can occur in the cryptocurrency market where fortunes can change in an instant.
In contrast to the recent liquidation by Hyperunit whale Garrett Jin, long-term Bitcoin holders have realized $327 million in profits, showcasing their resilience in the current market. For more details, see more.
