Down $30M on ZEC. And a 1,640 BTC wall at 78,000
Since June this Hyperliquid wallet has been short ZEC. The coin has tripled since then, and today the 38k ZEC short is down $30.2M.
On the morning of 18 September he sold 35k ether at exactly 2,500 and put a wall under bitcoin: a bid for 1,640 BTC at 78,000, about $128M. Four times that morning the price dropped to 78,000 and bounced. In the afternoon bitcoin ran to 80,500, and his 1,333 BTC long is up $3M.
The wallet is widely attributed online to Garrett Jin; we have not verified this. The story rests on exchange records.
- Source: Hyperliquid public records: account history since 20 May 2026, 5,950 trades, transfers, open orders
- Wallet: 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9
- Position snapshot taken 18.09.2026 at 13:53 UTC; chart data frozen
Big money, low leverage: 3x on both positions. This is his second ZEC short, and he won't close it even though the coin has tripled. The wallet is widely attributed online to Garrett Jin; we have not verified this.
The first short
The account appears on 20 May 2026. Within two days $40M comes in, and in June another $30M in six transfers of $5M. He buys bitcoin: 504 BTC right away and 764 BTC over the next week.
His main bet back then is against ZEC: a short of 57,460 coins, with an average entry of about 627. From 20 May to 3 June ZEC traded between 580 and 690.
On 4 and 5 June ZEC crashes from 631 to 247. On 7 June the coin bounces from 362 to 448, and in the middle of the bounce he buys back all 57,460 coins at 431 on average. The exchange books +$11.24M. Two days later he even buys ZEC, 50,000 coins, and on 18 June sells them for +$417k.
Back for more
A week after that last sale he goes short ZEC again. On 27 June it's 11,780 coins at 419, in early July another 20,980 at 424 and 464.
That's 32,760 ZEC in total, at an average of 444. He has just made $11M on this coin, and he comes back for the same bet.
The coin triples
Through July and most of August ZEC trades between 420 and 570, and the short just sits there. In late August the coin heads up: 768 on 25 August, 830 on 1 September, 1,195 on 7 September.
On 7 September he pulls money out of his other positions: he closes a 1,332 BTC long for +$2.74M and sells HYPE for +$1.58M. The same day he adds 7,000 ZEC to the short at 1,195.
On 8 September he buys the same 7,000 back at 1,165. The short is 32,760 coins again. The exchange books -$4.12M, because it measures the buyback against his average entry price, not against the previous day's sale.
Teal line: short size, ZEC, at the end of each day per trade records; for a few days after 7 June he was long, shown here as zero. Grey: ZEC price on Hyperliquid, daily close (right axis). Data through 21.09.2026: the short was closed on 20 September.
Five thousand more
On 16 September ZEC runs from 1,111 to 1,390 in a day. He adds 5,000 coins to the short at 1,252.
The short is now 37,760 ZEC. Since his first sale in June the coin has almost tripled.
Thirty-five thousand ether
On 17 September 35,001 ETH lands in the account in five transfers. The same day Lookonchain posts that Garrett Jin withdrew 35,001 ETH from Binance and moved it to Hyperliquid. The amount matches to the coin. That match is why the wallet is widely attributed online to Garrett Jin; we have not verified this.
On the morning of 18 September he sells 34,999 ETH, all at one price, exactly 2,500. That's $87.5M. Accounts on X say the ether went to rescue the ZEC short.
He doesn't close the short. At ten he even adds 240 ZEC to it at 1,489.6 and leaves an order to sell 4,760 more at the same price. That day ZEC hits 1,530, its highest since May. The same morning another whale, the one who lost a 911 BTC long on CPI day, buys ZEC at 1,510.
The wall at 78,000
The ether money goes into bitcoin. From half past nine he buys BTC near 78,000, and by half past one he has 1,333 BTC at an average of 78,057.
Right at 78,000 he puts a bid for 1,640 BTC. Bids on Hyperliquid at that price add up to 1,734 BTC in 122 orders, and 1,640 of it is his. The wall traders saw under the price that morning is a single order from this wallet.
Between nine and two, bitcoin drops to 78,000 four times and bounces every time. It never trades lower, and the wall never gets filled.
After half past one bitcoin heads up and within half an hour reaches 80,509. The 1,333 BTC long is up $3M. The two 40x shorts we wrote about the day before close out around the same time, at -$421k and -$259k.
White line: BTC price on Hyperliquid, 15-minute closes. Red dashed: his bid for 1,640 BTC at 78,000. Teal: his long, BTC (right axis). Data frozen 18.09.2026 at 13:53 UTC.
A cushion of three prices
Short: 38,000 ZEC, average price 671, -$30.2M on paper. Long: 1,333 BTC at 3x leverage, +$3M. The 1,640 BTC bid is still sitting at 78,000.
The short's liquidation price is 4,757. For the exchange to force-close it, ZEC has to rise another 3.2 times. He has $126.5M in the trading account and another $143.5M in free USDC.
All-time, the wallet is down $11.6M. In this section, 40x leverage liquidated the 911 BTC whale. This one runs 3x, and ZEC has to triple again to reach his liquidation price.
Forty seven minutes
On Saturday at 19:28 he started buying it back. The first five trades printed at 1,493, the last ones at 20:15 at 1,535. Fifty four trades in all, 38,000 ZEC, $57.5M of turnover, an average price of 1,513.
When he started, ZEC was at 1,470. Within a quarter of an hour the volume in the book jumped from fifteen hundred coins to twenty two thousand: the book was him. The exit cost 2.9% against the price he started from, roughly $1.6M on top of the loss. The loss itself the exchange recorded as $32.0M.
The next morning at 10:28 he sold the bitcoin: 1,333 BTC, $112.6M, twenty five trades, four minutes, an average of 84,455. Price slipped 0.2%. Twice the size left ten times faster and almost without a trace, because the bitcoin book is deeper than the ZEC one.
The two exits together came to $23.5M lost. Funding paid him $668k while the short was open, and the bitcoin long cost him $2.1M over the same stretch. The 78,000 bid is gone, no positions are left, and $147M sits idle on the exchange. The next day ZEC traded above what he paid to get out.
All-time trading result, $M, including unrealised. Hyperliquid portfolio points; data frozen 18.09.2026. Hover over any date. Data through 21.09.2026, when the wallet left both positions.
The whale is fully out. On 20 September he bought back 38,000 ZEC at 1,513 and took a $32.0M loss, and on 21 September, between 10:28 and 10:32, he sold all 1,333 BTC at 84,455 for a $8.53M gain. The 78,000 bid is gone, no positions are left, and $147M sits in cash.
We'll see the next one before it hits
The radar goes out every morning: which big wallets sit closest to liquidation and where the big orders are waiting. The free part is on Telegram.
Open the radar on TelegramWatch a specific wallet →Next
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- The refill whale: ten top-ups in 27 days
- Up $44.8M a year ago, down $35.7M today
- Hyperliquid whale tracker: crypto liquidation heatmap of whale levels
Evidence and limits
Wallet: 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9. Every number comes from Hyperliquid's public records: account history, trades, transfers, open orders. Anyone can check them by address.
Money in: $40M in deposits on 20 and 21 May, $30M in six transfers of $5M between 5 and 15 June. On 17 September, 35,001 ETH in five transfers from address 0x8dafbe89. The exchange computes the short's 671 average price: it includes the 7,000 coins sold on 7 September and bought back the next day.
The wall at 78,000: a snapshot of Hyperliquid BTC bids on 18.09.2026 around 13:17 UTC, 1,734 BTC in 122 orders, including one order from this wallet for 1,639.96 BTC, placed between 09:31 and 10:31 UTC. At 13:53 UTC the order was still unfilled. Hourly BTC candle lows on Hyperliquid on 18.09: 78,000 at 09:00, 78,003 at 11:00, 78,000 at 12:00, 78,000 at 13:00.
The name: Lookonchain, @hupzy_agent, @ai_9684xtpa and other X accounts attribute this wallet to trader Garrett Jin (@GarrettBullish); we have not verified this. The one match we see in the records: the 35,001 ETH that landed in the wallet on 17 September and the 35,001 ETH Lookonchain reported withdrawn from Binance. Who is behind the address, we have not checked.
What we don't know: when the first 57,460 ZEC short was opened; whether the wallet holds positions elsewhere that offset this short; why he sold the ether. We only write what the wallet did.
A journal of the system's decisions, not investment advice. A reconstruction from public Hyperliquid data; the name of the address owner is given as other sources report it, and we have not verified it; no claim is made that anyone held non-public information. Leveraged derivatives trading carries a risk of losing all your funds.