Garrett Jin withdraws 35,001 ETH from Binance to Hyperliquid
Summary
Garrett Jin, known as the largest on-chain short for $ZEC, recently withdrew 35,001 $ETH (worth $85 million) from Binance and deposited it into Hyperliquid. This move follows a reported loss of over $26 million on his $ZEC short position, which he further increased by adding to it just 11 hours prior, now totaling 37,760 $ZEC (valued at $51.5 million). The liquidation price for his short is set at $2,631.53. Large transfers from centralized exchanges to derivatives platforms, like this one, often signal traders adjusting their positions to manage leveraged trading activities.
Tokens
$ETH$ZEC
Analysis
Binance: Binance is a leading global cryptocurrency exchange that facilitates spot trading, derivatives, and asset transfers for a wide range of digital currencies. It provides extensive liquidity and custodial services widely used by traders for large-scale movements. The news centers on Garrett Jin withdrawing ETH from the platform as part of his recent activity related to his ZEC short. Garrett Jin: Garrett Jin is a cryptocurrency trader and investor active on social media under the handle @GarrettBullish. He is recognized for executing substantial trades and maintaining significant positions across various digital assets, particularly in perpetual futures markets. In this news, his withdrawal of ETH from Binance and deposit into Hyperliquid is tied directly to managing or supporting his ongoing short position in ZEC. Hyperliquid: Hyperliquid operates as a decentralized perpetual futures exchange on its dedicated Layer-1 blockchain, enabling trading of crypto derivatives with on-chain settlement. It attracts traders seeking high-leverage products and direct wallet interactions. The reported deposit of ETH into Hyperliquid positions it as the venue for Garrett Jin's ZEC short and related trading actions. lookonchain: lookonchain is an on-chain analytics account on X that tracks and reports large wallet transactions, positions, and market movements in the cryptocurrency space. It frequently highlights whale activity and derivatives exposures based on public blockchain data. The news includes a direct quote from lookonchain detailing Garrett Jin's ZEC short holdings and recent adjustments. On-chain Monitoring: On-chain analytics services regularly highlight large transfers from centralized exchanges to derivatives platforms as indicators of potential position funding or adjustments by active traders. Derivatives Activity: Perpetual futures platforms see frequent asset inflows from traders seeking to deploy or reallocate capital for leveraged positions in assets like ZEC.
Categories
cryptohyperliquiddefiethereumon_chain_whalerippletech