On-chain data indicates Jin moved 39.5 million USDC to Binance before a newly created wallet withdrew 40 million USDC and was later used for the transactions.
On-chain data shows that Bitforex founder Jin opened a $59.11 million Bitcoin long position using 5x leverage and purchased $2.33 million worth of HYPE. The activity followed an initial transfer of 39.5 million USDC to Binance. A newly created wallet, identified as 0x92ea, then withdrew 40 million USDC from Binance and was later involved in the transactions. The disclosed trades point to a large, leverage-backed directional bet on Bitcoin alongside a separate token purchase, with stablecoin transfers used to fund the positions.