A crypto trader widely known as the “Hyperunit whale” has reportedly suffered a realized loss of approximately $250 million after closing a large leveraged long position on Ethereum (ETH), according to on-chain data from Arkham Intelligence.
The loss has drawn significant attention across the crypto community, as the same trader previously gained notoriety for earning an estimated $200 million from well-timed short positions on Bitcoin and Ether during a major market crash in October 2025.
ETH Long Position Fully Closed at Massive Loss
Arkham data shows that the Hyperunit whale fully exited their ETH position on Hyperliquid, locking in losses as Ether experienced a sharp decline earlier this week. Following the liquidation and position closure, the trader’s Hyperliquid account balance reportedly fell to just $53, effectively wiping out months of accumulated trading profits.
The losses coincided with a broader market sell-off that saw ETH drop more than 10% in 24 hours, falling to around $2,400. On-chain analysts had already flagged the whale’s position as increasingly risky throughout January, as ETH continued to trend lower.
Earlier reports indicated that the unrealized loss had already exceeded $130 million before the final drawdown accelerated.
From a $200 Million Win to a $250 Million Loss
The Hyperunit whale first gained widespread attention in October 2025, when on-chain analyst Eye traced wallet activity linked to the ENS domains “ereignis.eth” and “garrettjin.eth”, associating them with Garrett Jin, former CEO of BitForex.
While Jin denied owning the funds, he acknowledged knowing the individual behind the trades, stating that “the funds were not mine, but belonged to clients.”
At the time, the whale opened short positions exceeding $1 billion in notional value across Bitcoin and Ether just minutes before U.S. President Donald Trump announced a 100% tariff on Chinese imports.
The timing of the trades sparked speculation around potential insider information, though no evidence of wrongdoing has ever been confirmed.
The subsequent market crash triggered more than $18 billion in liquidations across the crypto market, cementing the Hyperunit whale’s reputation as one of the most successful traders of the cycle.
Aggressive Shift to Long Positions
Following the October windfall, the trader pivoted aggressively to long positions. By mid-January, Arkham data indicated that the whale had built:
an ETH long position exceeding $730 million, and
total exposure across ETH, SOL, and BTC surpassing $900 million
However, the sharp downturn in crypto markets this week forced a rapid exit from these positions, culminating in the near-total wipeout of the Hyperliquid trading account.
Despite this, Arkham data suggests that wallets associated with the trader still hold approximately $2.7 billion in other crypto assets, indicating that the losses were concentrated within leveraged derivatives positions rather than spot holdings.
A Stark Reminder of Leverage Risk
The Hyperunit whale’s dramatic reversal highlights the extreme risks associated with high-leverage trading, even for experienced and well-capitalized market participants. Large position sizes, shifting market conditions, and rapid volatility can quickly turn previously successful strategies into catastrophic losses.
As market uncertainty persists and volatility remains elevated, the incident serves as a reminder that leverage amplifies both gains and losses, regardless of prior track record.
Disclaimer
This article is for informational purposes only and reflects a personal blog perspective. It does not constitute financial or investment advice. Readers should conduct their own research before making any investment decisions. The author is not responsible for any financial outcomes.
👉 Follow for more crypto market news, on-chain analysis, and insights into whale activity.
