In a recent episode, on-chain data from Arkham shows that the Hyperunit whale wallet linked to Garrett Jin sold over $340 million worth of Bitcoin [BTC]sending $341.8 million to Binance, indicating likely selling pressure.
This move follows months of risky trading marked by sharp gains and heavy losses, including major setbacks on leveraged ETH positions.
At its peak, the whale held nearly $11.5 billion worth of Bitcoin, but its holdings have now dropped to around $2.2 billion.
Instead of holding firm during the rally, the whale opted to reduce exposure, signaling a shift toward caution and capital preservation after recent losses.
Movement of hyperunit whales
The turning point came on February 1, when the Hyperunit Whale was struggling utilized The ETH position on Hyperliquid was completely liquidated, causing a loss of $250 million and leaving him with just $53 on the platform.
With ether [ETH] Trading around $2,307 at the time, the collapse cast doubt on its ability to continue operating on such a scale and marked the beginning of a more limited phase.
Despite this, the whale attempted a comeback in late January by purchasing more than $60 million worth of ETH, after previously selling nearly $100 million.
The whale previously held more than 223,000 ETH, but sold more than 30,000 near a market low, incurring a loss of approximately $9 million.
The whale later rebuilt positions worth almost $750 million via ETH, Solana [SOL]and BTC as ETH traded near $2,828, reflecting short-term confidence but weak long-term conviction.
His aggressive style was already evident in December, when the whale built over $400 million in ETH exposure after making about $200 million during the October crash.
The whale too not deployed $361 million in ETH, used Aave to borrow $160 million in USDT and moved money to Binance, preparing for big leveraged bets as ETH traded near $2,800.
Overall, its recent activity shows a pattern of large debts, big bets, quick re-entries after losses and constant movements of funds between platforms.
While this strategy once produced huge profits, changing market conditions have exposed its risks.
The recent $340 million sale of Bitcoin signals a shift towards caution, with lower risk appetite, a focus on liquidity and reduced confidence in the near-term upside.
The Hyperunit Whale once held over $11 billion in Bitcoin and now appears to be transitioning from aggressive expansion to capital protection, highlighting how even the biggest players remain vulnerable in today’s volatile crypto market.
Bitcoin price action and other statistics
With Bitcoin worth almost $71,454.66 at the time of writing, technical indicators suggest the market is still under bearish pressure.
A weak MACD, red histograms and an RSI below neutral levels all pointed to slowing bearish momentum.
Source: TradingView
At the same time, the declining Open Interest (OI) showed that traders were pulling back rather than opening new positions.
The sharp drop in OI, from about $61 billion to almost $49 billion, signals widespread deleveraging.
Source: CoinGlass
Many over-indebted traders have been forced out, while others are choosing to stay on the sidelines due to increasing uncertainty. Instead of taking risks, both retail and institutional investors are focusing on protecting their capital in cash or stablecoins.
Although painful in the short term, this phase can help stabilize the market by lowering overall risk and limiting extreme price swings.
Overall, weak technical signals and declining OI suggest that Bitcoin is going through a reset phase. The bears remain in control for now, but this clean-up process could help create a healthier market once confidence returns.
Until then, trading is likely to remain cautious and highly sensitive to changes in sentiment and liquidity.
Final thoughts
- According to CoinMarketCap, the whale has opted to reduce exposure despite BTC trading near recent highs, indicating declining confidence.
- Repeated attempts to recoup losses through rapid re-entry suggest short-term opportunism rather than long-term conviction.