A certain Hyperunit whale that once held over 10 billion USD in BTC lost 250 million USD by going long on ETH on Hyperliquid

According to Arkham, a certain Hyperunit whale lost $250 million by going long on ETH on the Hyperliquid platform, with its ETH position being the largest in the history of the Hyperliquid platform. It is said that he has held Bitcoin for nearly 10 years and is apparently associated with Garrett Jin.

Arkham speculates that the whale is Chinese and has held Bitcoin since 2017-2018. In the first six months of 2018, he purchased over 100,000 Bitcoins. He held over 90% of his position for seven years until August 2025—when Tom Lee began to buy Ethereum heavily—at which point his strategy changed.

At the peak of his on-chain holdings, the whale held Bitcoin worth $11.14 billion. He transferred $4.49 billion worth of BTC to Hyperunit for sale (39,738 BTC, currently worth $2.74 billion). Subsequently, he received $4.07 billion worth of ETH from Hyperunit (886,371 ETH, currently worth $1.78 billion) and staked $3.94 billion worth of ETH on the beacon chain (856,372 ETH, currently worth $1.72 billion).

The whale established a connection with Garrett Jin through a $40,000 on-chain transfer and connected with Jack Yi's Trend Research by depositing millions of dollars into the same Binance recharge address. It is likely that these three parties know each other.

Currently, the Hyperunit whale has incurred losses of about $3.5 billion on its AAVE leveraged ETH position and on-chain BTC/ETH holdings, with a loss of $2.22 billion on its staked Ethereum. Earlier this month, due to a leveraged liquidation, he further lost $250 million on Hyperliquid, and currently, his gains and losses on that platform are basically offsetting each other.

Since his profit and loss (PnL) reached an all-time high, his total realized and unrealized losses amount to approximately $5.7 billion. The Hyperunit whale has a custom entity on the Arkham platform that contains 100 different Bitcoin and Ethereum addresses.