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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InIn a dramatic turn reflecting the extreme risks of high leverage, the massive ETH short position on Hyperliquid has been liquidated, resulting in a total loss of $128 million for the trader. According to reports, the whale behind the trade has been linked to Garrett Jin, the former CEO of BitForex, through on-chain analytics. Data indicates that the trader would have been up over $70 million had they avoided this specific bet against Ethereum's price action.
This staggering loss occurred after the market moved against Jin's expectations, wiping out the original $100.33 million position that utilized 23x leverage. Per market data, liquidations of this magnitude often trigger forced buying pressure that fuels further upward momentum, as seen in ETH's recent performance compared to peers like BTC. On-chain firm Bubblemaps exposed the technical links confirming the trader's identity, sparking widespread debate among crypto retail traders regarding risk management by former industry executives.
Looking ahead, traders are watching ETH levels, which stood at $3,920.45 (close May 25, 2026), to gauge if the upward momentum will persist. The economic calendar highlights a speech by the Fed's Waller later today, which could dictate risk appetite across financial markets. Additionally, upcoming global inflation data this week should be monitored, as any economic surprises may heighten volatility in the digital asset space following this major liquidation event.
Update: Pressure on long positions increased as Ethereum dropped to $2,117 (close May 25, 2026), strengthening the massive short position after the asset failed to reclaim the $2,150 resistance. This weakness coincides with ongoing institutional outflows, while Bitcoin showed resilience by trading above $77,200 per market data.