Key takeaways
- Garrett Jin sold 184,102 HYPE (~$13.55 million) at around $73.6 for a gain of $2.83 million, per Lookonchain.
- He went long UNI while holding 1,268 BTC (~$83.39 million) and 50,013 ZEC (~$25.2 million).
- The rotation came at a time when UNI was at the top of Coingecko’s most wanted list and HYPE was trading at record highs.
Trade
Lookonchain reported the movements, reporting that Jin (who publishes under the name Garrett Bullish) had sold its 184,102 HYPE tokens at around $73.6 each, generating a profit of $2.83 million. He then opened a long position in UNI, the governance symbol of decentralized exchange ( DEX) Uniswap.
According to the same data, his current book is heavily skewed toward the majors, at a 1,268 BTC a long position worth approximately $83.39 million, a long position of 50,013 ZEC worth approximately $25.2 million, and the new, smaller UNI position of 80,000 tokens. The rotation from HYPE to UNI is notable, as UNI is at the top of Coingecko’s most searched coins this week, while HYPE has been trading at all-time highs.
Who is Garrett Jin?
Jin is not anonymous whale but the former head of the defunct Bitforex exchange and was publicly bound by blockchain detectives to a high-profile hyperliquid trader who at one point ran a 100,000 BTC position. This association embroiled him in a fraud scandal, which he denied, telling observers that the fund was not his.
Earlier tracking showed a wallet assigned to Jin had been deposited $30 million in USDC in Hyperliquide to open leverage bitcoin long, highlighting a pattern of large and directional bets. As with all wallet attribution reports, labels rely on on-chain grouping rather than confirmed identity, so positions should be read as those of a Jin-linked wallet rather than verified personal holdings.
A rotation to watch
The trade is capturing broader market dynamics, especially as HYPE, the token behind perpetual exchange Hyperliquid, hit registration territory yesterday. Since the platform channels almost all of its trading revenue into open market buybacks through its Aid Fund, sale accessing this strength (and becoming a relatively unloved blue-chip company like UNI) is a classic profit-taking move.
Finally, UNI’s renewed search interest hints at new retail attention, but the token has lagged for much of the cycle, and only one whaleRotation is not a guarantee of continued success. What this illustrates, however, is how nimbly big traders seem to be moving from one narrative to another in recent months.
