EmberCN says a whale entity represented by Garrett Jin built a position of 100,800 BTC in May and June 2018 at an average price of about $7,242. The holding was worth more than $10 billion at one point during the same period last year, and later investment activity was mainly funded by BTC sales. Starting in August 2025, the entity gradually sold about 89,000 BTC and bought roughly 900,000 ETH at an average cost above $3,500, with the ETH later moved to Binance in the first half of 2026. In December 2025, it opened a long ETH position on Hyperliquid. After ETH fell from $3,000 to $1,800 in early February 2026, a 213,000 ETH long worth about $670 million was liquidated, wiping out around $230 million in margin. EmberCN also said the entity was believed to have provided part of the funding to Trend Research, whose 651,500 ETH leveraged long was stopped out for a loss of about $734 million. Separate trades included the accumulation of about 289.6 million Binance Life tokens, a failed aEthUSDT-to-aEthAAVE swap hit by extreme slippage, and an ongoing short ZEC position showing an unrealized loss of about $34 million.
According to EmberCN, a whale entity represented by Garrett Jin accumulated 100,800 BTC in May and June 2018 at an average price of about $7,242. The position was worth more than $10 billion at one point during the same period last year, and several later investments were mainly funded through BTC sales.
From August 2025, the entity gradually sold about 89,000 BTC and bought roughly 900,000 ETH. EmberCN said the average ETH cost was above $3,500, and the related ETH was later transferred to Binance in stages during the first half of 2026.
In December 2025, the entity went long ETH on Hyperliquid. In early February 2026, after ETH fell from $3,000 to $1,800, a 213,000 ETH long position valued at about $670 million was liquidated, resulting in a margin loss of about $230 million.
During the same period, the entity was believed to have provided part of the funding to Trend Research. One leveraged long position held by Trend Research, totaling 651,500 ETH, was stopped out with a loss of about $734 million.
Between February and June this year, the entity also accumulated about 289.6 million Binance Life tokens through Binance withdrawals and on-chain purchases. The holding was worth about $150 million and accounted for 28.9% of the token's total supply.
In March, the entity swapped 50.43 million aEthUSDT for aEthAAVE but encountered extreme slippage. It received only 327.2 AAVE and lost about $50.39 million.
Since July, the same entity has also held a short ZEC position on Hyperliquid, which is currently showing an unrealized loss of about $34 million.
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