WuBlockchain
Onchain analytics firm Bubblemaps said trader Garrett Jin, linked onchain to the so-called "10/10 whale," is now down roughly $128 million overall after a series of large ETH losses. The trader would have been up over $70 million had he never touched ETH, according to Bubblemaps — a swing that frames the ETH exposure, not the BTC short, as the real source of the drawdown.
The same wallet previously made about $100 million shorting BTC before losing more than $200 million on ETH long positions, Bubblemaps added. A connected wallet has continued to deploy capital: millions were deposited to Hyperliquid, roughly $10 million was used to buy HYPE, and a $38 million short was opened on ZEC.
Why it matters
The pattern is the story. A high-conviction directional book that prints on one asset can still blow up on the next, and the size of the losses — measured against the prior win — is what makes this a market-narrative event rather than a single trader's bad day. Whale-tracking desks tend to follow where these wallets redeploy, and the move into HYPE plus a $38M ZEC short is the kind of positioning other leveraged accounts watch for crowding signals.
Market impact
ETH remains the structural loser in the trade's footprint, and a continued ZEC short at this size is enough to pressure ZEC perps if other accounts fade the same direction. The deposits into Hyperliquid keep the venue on the map for large whale flows, and any further ETH longs from the same address cluster will be tracked in real time by the onchain desks that flagged the 10/10 wallet in the first place.
Frequently asked questions
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Who is the "10/10 whale" and how is it linked to Garrett Jin?
It's the onchain nickname for a wallet cluster that Bubblemaps linked to trader Garrett Jin, based on shared funding patterns and connected addresses. The link is onchain attribution, not a confirmed identity.
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How did the 10/10 whale lose $128M if it made $100M shorting BTC?
Per Bubblemaps, the same wallet booked ~$100M profit shorting BTC, then lost more than $200M on ETH longs. Bubblemaps estimates Jin would have been up over $70M overall had he never traded ETH at all.
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What positions is the connected wallet taking now?
A connected wallet recently deposited millions to Hyperliquid, bought roughly $10M of HYPE, and opened a $38M short on ZEC, according to Bubblemaps.
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Why does the ZEC short matter for the broader market?
A $38M short is a sizable position in ZEC perps, and other leveraged accounts often watch whale footprints for crowding signals. If more traders fade the same direction, it adds pressure to ZEC derivatives.
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What is Hyperliquid's role in this trade?
Hyperliquid is the perps venue where the connected wallet deposited capital, bought HYPE, and opened the $38M ZEC short — keeping the platform in the spotlight for large whale flow.
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