On-chain analyst EmberCN said on Sept. 19 that a whale entity linked to Garrett Jin had sold all 35,000 ETH it withdrew from Binance the night before, unloading the position today at an average price of $2,500. The stash was valued at about $87.5 million.
The proceeds were used to add margin to the entity’s ZEC short, which was carrying an unrealized loss of about $34 million. After the margin top-up, the liquidation price on that position moved up sharply from $2,631 to $4,738.
The capital trail starts with BTC accumulated in 2018
EmberCN said the entity’s funding can be traced back to BTC purchases made in May and June 2018. During that period, it accumulated 100,784 BTC at an average price of about $7,242.
According to the analyst, nearly all capital used in later trades came from selling those BTC holdings.
A large BTC-to-ETH rotation began in August 2025
Starting in August 2025, the entity began rotating out of BTC and into ETH. Over roughly half a year, it sold 89,000 BTC at an average BTC price of about $114,000 and bought 900,000 ETH at an average ETH price of about $4,300.
EmberCN said the resulting ETH position carried a cost basis above $3,500 per coin. Those ETH were gradually transferred to Binance during the first half of 2026.
$670 million ETH long on Hyperliquid was liquidated
In February 2026, ETH fell from $3,000 to $1,800. During that drop, the entity’s ETH long on Hyperliquid was liquidated.
The position had been opened at $3,150 and was worth about $670 million, covering 213,000 ETH. The liquidation resulted in a margin loss of about $230 million, which EmberCN described as the entity’s largest liquidation event on Hyperliquid.
Addresses also showed links to Trend Research
EmberCN also pointed to capital links with Trend Research, the firm under Yi Lihua. Trend Research had gone long 651,500 ETH at an average price of $3,180, a position worth about $2.07 billion, and was later forced to cut the trade at a loss of $734 million.
On-chain addresses showed multiple large fund transfers between Trend Research and the Garrett Jin-linked entity.
A March 2026 swap error led to a $50.39 million loss
On March 13, 2026, the entity was involved in a severe slippage incident. A single swap of 50.43 million aEthUSDT into aEthAAVE ran into thin liquidity and returned only 327.2 AAVE.
Those AAVE were worth only about $36,500, leaving a loss of about $50.39 million. EmberCN said the transaction was arbitraged by MEV bots.
ZEC short has been open since July 2026
Beyond the ETH trades and liquidation losses, the entity has also been building a ZEC short on Hyperliquid since July 2026.
At the time of EmberCN’s update, that position was showing an unrealized loss of about $34 million. The sale of 35,000 ETH and the new margin added to the trade lifted the liquidation threshold to $4,738.