Trader Garrett Jin sold 184,102 HYPE tokens worth approximately $13.55 million at roughly $73.6 each, securing a $2.83 million profit, according to blockchain analytics platform Lookonchain. He subsequently opened a long position on UNI, the governance token of decentralized exchange Uniswap, while maintaining existing positions of 1,268 BTC (approximately $83.39 million) and 50,013 ZEC (approximately $25.2 million). The rotation occurred as UNI topped Coingecko's most-searched coins list this week and HYPE traded at record highs, illustrating a profit-taking move from a token at all-time highs into a comparatively underperforming blue-chip asset.
Garrett Jin Exits $13.5M HYPE Position and Opens UNI Long
Lookonchain flagged the trades, reporting that Jin—who posts publicly as Garrett Bullish—offloaded all 184,102 of his HYPE tokens at approximately $73.6 each, locking in a $2.83 million profit. He then opened a long position on UNI consisting of 80,000 tokens. According to the same data, his current portfolio is heavily weighted toward major cryptocurrencies: a 1,268 BTC long worth about $83.39 million, a 50,013 ZEC long worth roughly $25.2 million, and the newly opened UNI position. The shift out of HYPE and into UNI is notable given that UNI sits atop Coingecko's most-searched coins this week, while HYPE has been trading at all-time highs.
Former Bitforex Chief Linked to High-Profile Hyperliquid Positions
Jin is the former chief of defunct exchange Bitforex and has been publicly linked by blockchain analysts to a high-profile Hyperliquid trader who at one point ran a 100,000 BTC position. That association drew him into a fraud scandal, which he has denied, telling observers that the fund was not his. Earlier tracking showed a wallet attributed to Jin deposited $30 million in USDC into Hyperliquid to open leveraged bitcoin longs, underscoring a pattern of large, directional bets. As with all wallet-attribution reporting, the labels rest on onchain clustering rather than confirmed identity, so the positions should be read as those of a Jin-linked wallet rather than verified personal holdings.
Rotation Reflects Broader Market Dynamics Between HYPE and UNI
The trade captures a broader market dynamic, particularly as HYPE, the token behind perpetuals exchange Hyperliquid, hit record territory yesterday. Given that the platform funnels nearly all of its trading revenue into open-market buybacks through its Assistance Fund, selling into that strength and rotating into a comparatively unloved blue chip like UNI represents a classic profit-taking move. UNI's renewed search interest hints at fresh retail attention, though the token has lagged for much of the cycle. A single whale's rotation is not a guarantee of continued performance, but it illustrates how nimbly large traders appear to be moving between narratives in recent months.
FAQ
What did Garrett Jin do with his HYPE tokens?
Garrett Jin sold 184,102 HYPE tokens worth approximately $13.55 million at roughly $73.6 each, securing a $2.83 million profit according to Lookonchain, then opened a long position on 80,000 UNI tokens.
Why did Garrett Jin rotate from HYPE to UNI?
The rotation occurred as HYPE traded at all-time highs and UNI topped Coingecko's most-searched coins list this week, suggesting a profit-taking strategy that moved capital from a token at record levels into a comparatively underperforming blue-chip asset experiencing renewed retail attention.
