A mysterious “whale” trader who reportedly made nearly $200 million last week by shorting the market just before the Trump administration’s tariff announcement has denied being a “Trump insider.” Now, he has doubled down on his bearish bet against Bitcoin.

According to on-chain data from HypurrScan, the block explorer of decentralized exchange Hyperliquid, an Ethereum address ending in “7283ae” deposited $40 million in USDC to the platform on Monday morning. Shortly after, the account opened a $340 million leveraged short position on Bitcoin—using 10x leverage—indicating the trader’s expectation that Bitcoin prices will continue to fall.

While markets were still digesting this move, Garrett Jin, the former CEO of BitForex, publicly denied any ties to the Trump family and rejected accusations of insider trading. His statement came in response to speculation from blockchain analytics firms and online communities, who had questioned the timing of his previous trades.

The trader’s renewed bearish move adds fresh uncertainty to a crypto market still recovering from a recent flash crash. Although Bitcoin has seen a modest rebound over the past 24 hours, it remains down about 8% for the week, reflecting both the market’s fragility and the outsized influence of large traders. Investors are now closely watching the “whale’s” next move—and the potential ripple effects across the market.

New Short Position: A $340 Million Bearish Gamble

The trader’s latest move was both swift and aggressive. According to HypurrScan data, after depositing $40 million in capital on Monday, the address established a 10x leveraged Bitcoin short with a nominal value of about $340 million.

The average entry price of the position is $116,009 per BTC. So far, the trade has yielded more than $700,000 in unrealized profit. However, the high leverage also means high risk: if Bitcoin rebounds to a new high of $130,460, the position will be liquidated, wiping out both principal and gains.

Last Friday’s “perfectly timed” short was what first triggered speculation of insider trading. Data from HypurrScan and Arkham Intelligence shows that the same address had deposited $80 million USDC through Hyperunit into Hyperliquid, opening a short position of about 3,700 BTC worth roughly $450 million.

Soon after that trade, the crypto market plunged following Trump’s tariff comments, triggering a record $19 billion in on-chain liquidations—from which the trader reportedly profited nearly $200 million. The next day, the address withdrew $150 million from Hyperliquid and transferred it to a new wallet, which now holds around $386 million in USDC.

“Trump Insider” Allegations and Denial

The trader drew widespread attention because the timing of last Friday’s trades coincided almost exactly with Trump’s tariff announcement. Blockchain intelligence firm Arkham even labeled the address the “Trump insider whale.” While several crypto commentators echoed these suspicions, no direct evidence has emerged that the trader had advance knowledge of the policy decision.

As the controversy grew, an on-chain analyst known as “Eyeonchains” posted on X (formerly Twitter), linking the address to Garrett Jin, former CEO of BitForex. The post was later retweeted by Binance founder Changpeng Zhao (CZ), but on Monday morning, Garrett Jin responded publicly , saying he has no relationship with the Trump family and the “account in question” does not belong to him.