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Bitforex founder opens $59.11 million Bitcoin long and buys $2.33 million HYPE

Bitforex founder opens $59.11 million Bitcoin long and buys $2.33 million HYPE

According to Lookonchain and on-chain data, Jin moved 39.5 million USDC to Binance, routed 40 million USDC through wallet 0x92ea, sent 10 million USDC to Hyperliquid, and opened a 5x Bitcoin long while buying HYPE.

BTC
USDC
HYPE

Fact Check
The core claim is strongly supported by on-chain analytics from Lookonchain (status/2057251771135991936 and status/2057096885647888764), which is the primary cited source and tracks blockchain transactions directly. Both Lookonchain posts confirm: (1) wallet 0x92ea (attributed to Garrett Jin) deposited 10M USDC into Hyperliquid; (2) Garrett Jin opened a 5x leveraged BTC long of 504.4 BTC worth $59.11M; (3) 42,524 HYPE was purchased for $2.33M. These figures are independently echoed by PANews and Odaily, two established Chinese crypto news outlets. The claim's headline figure of '10 Million USDC' deposited into Hyperliquid to buy HYPE is confirmed verbatim. The $2.33M HYPE purchase and $59.11M BTC long are also confirmed. The small residual uncertainty stems from the fact that on-chain attribution (linking wallet 0x92ea to Garrett Jin) relies on Lookonchain's analysis rather than a direct statement from Garrett Jin himself.
Summary

Lookonchain and cited on-chain data reported that Bitforex founder Jin reopened a 5x leveraged Bitcoin long position worth $59.11 million, representing 504.4 BTC, while also buying 42,524 HYPE valued at $2.33 million. The activity involved 39.5 million USDC deposited to Binance, 40 million USDC moved through newly created wallet 0x92ea, and 10 million USDC sent to Hyperliquid. Together, the transfers indicate large stablecoin-funded positioning across both a directional Bitcoin trade and HYPE accumulation.

Terms & Concepts
  • USDC: A U.S. dollar-pegged stablecoin designed to maintain a 1:1 value with the dollar for trading, transfers, and collateral use.
  • Hyperliquid: A decentralized trading platform known for perpetual futures and onchain market activity.
  • 5x leveraged Bitcoin long: A bullish Bitcoin position opened with borrowed exposure, where leverage magnifies both potential gains and losses by five times.