Garrett Jin cuts $21.5M from BTC long on Hyperliquid

Garrett Jin, who has faced allegations of profiting from insider trading ahead of last October’s record forced-liquidation event, appears to have trimmed part of a BTC long position on Hyperliquid that had been held for more than three months. According to on-chain analytics firm Hupzy, formerly Spot On Chain, Jin reduced the position by 276 BTC, or about $21.5 million, from a previous $147 million position and now holds a 1,592 BTC long worth about $123.9 million. The position shows about $1.18 million in unrealized profit, but estimated losses after accounting for cumulative funding fees of $1.94 million. The market is watching whether Jin will reduce the position further.