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.
