Liquidity Evaporates in Seconds
One of the most aggressive bulls in the on-chain derivatives market has capitulated. Garrett Jin, known on-chain as the "Hyperunit whale," suffered a complete wipeout of his Ethereum long position on Hyperliquid early Monday. The liquidation event erased approximately $250 million in collateral, leaving the once-dominant account with a balance of just $53.
Data from Arkham Intelligence confirms the exit occurred as Ethereum broke support, tumbling toward $2,400 (-10%). The sheer scale of the position, a leveraged bet exceeding $730 million in notional value, forced the liquidation engine to unwind the trade into a thinning order book, exacerbating the slide.
The account on Hyperliquid was reduced to just $53 after the position closed during a sharp Ether price drop… The loss followed a dramatic reversal from last year’s highly profitable short trades.
From Oracle to Casualty
The capitulation marks a brutal reversal for Jin, who achieved legendary status in October 2025. He previously netted an estimated $200 million by shorting the market minutes before President Trump announced 100% tariffs on Chinese imports, a trade that sparked insider trading allegations he later denied. This week, the leverage that minted his fortune reclaimed it.
Market makers are now assessing the structural damage. The liquidation triggered a cascade across the DeFi ecosystem, contributing to $1.6 billion in total market-wide liquidations over the last 24 hours. Funding rates on major perps have flipped deeply negative, signaling that the deleveraging cycle may have reached its exhaustion point.
