Key Takeaways
- Garrett Jin sold 184,102 HYPE (~$13.55M) at about $73.6 for a $2.83M gain, per Lookonchain.
- He flipped long on UNI while holding 1,268 BTC (~$83.39M) and 50,013 ZEC (~$25.2M).
- The rotation came at a time when UNI topped Coingecko’s most-searched list and HYPE traded at record highs.
The Trade
Lookonchain flagged the moves, reporting that Jin (who posts as Garrett Bullish) had offloaded all 184,102 of his HYPE tokens at roughly $73.6 each, locking in a $2.83 million profit. He then opened a long position on UNI, the governance token of decentralized exchange ( DEX) Uniswap.
According to the same data, his current book is heavily skewed toward majors, i.e. a 1,268 BTC long worth about $83.39 million, a 50,013 ZEC long worth roughly $25.2 million, and the smaller new UNI position of 80,000 tokens. The rotation out of HYPE and into UNI is notable as UNI sits atop Coingecko’s most-searched coins this week, while HYPE has been trading at all-time highs.
Who Is Garrett Jin?
Jin is not an anonymous whale but the former chief of defunct exchange Bitforex and has been publicly linked by blockchain sleuths to a high-profile Hyperliquid trader who at one point ran a 100,000 BTC position. That association dragged him into a fraud scandal, which he has denied, telling observers that the fund wasn’t his.
Earlier tracking showed a wallet attributed to Jin deposited $30 million in USDC into Hyperliquid to open leveraged bitcoin longs, underscoring a pattern of large, directional bets. As with all wallet-attribution reporting, the labels rest on onchain clustering rather than confirmed identity, so the positions should be read as those of a Jin-linked wallet rather than verified personal holdings.
A Rotation Worth Watching
The trade captures a broader market dynamic, especially as HYPE, the token behind perpetuals exchange Hyperliquid, hit record territory yesterday. Given the platform funnels nearly all of its trading revenue into open-market buybacks through its Assistance Fund, selling into that strength (and rotating into a comparatively unloved blue chip like UNI) is a classic profit-taking move.
Lastly, UNI’s renewed search interest hints at fresh retail attention, but the token has lagged for much of the cycle, and a single whale’s rotation is not a guarantee of continued success. What it does illustrate, however, is how nimbly large traders seem to be moving between narratives in recent months.
