The sentiment in the crypto market is shifting, and the interesting character signaling this change is the whale trader who previously predicted a market crash with pinpoint accuracy and made a fortune from it.
Just as the wave of sharp declines in October was still being digested, Garrett Jin suddenly changed his tone. This guy is no ordinary figure—before the market collapsed, he positioned himself with $1.1 billion in short positions, extracting $80 million from the downturn. Now, this major bear is starting to sound optimistic about crypto capital inflows.
What’s the logic behind this? Jin straightforwardly states: The fundamental problem in the cryptocurrency industry isn’t the assets themselves, but the fact that trading platforms often offer astronomical leverage to assets that lack intrinsic value. This may seem like a critique, but it actually reveals his thoughts on the industry’s long-term development.
His suggestion is quite interesting—since platforms are going to offer high leverage, they should follow traditional finance practices and establish stable funds to handle crisis liquidity. Only in this way can confidence be rebuilt, genuine capital attracted back, and the market steered onto a healthy path.
Here’s the interesting part. After the October crash, Jin continued to increase his short positions, adding another $3.4 billion in Bitcoin shorts. It sounds like a steadfast, never-wavering bearish stance. But the real secret lies in his other hand—data shows that from August to September, he moved over 35,000 Bitcoins, converting them into 570,000 Ethereum, and then all of it was staked.
No matter how you look at this combination of actions, it doesn’t seem like a simple bearish outlook on the entire market. Behind the contradiction between short positions and asset shifts, there’s probably a more complex chess game at play.