Garrett Jin, the founder of the defunct BitForex exchange and a high-profile crypto trader, has opened a $59.11 million 5x leveraged long position on Bitcoin (BTC) as of May 21, 2026. This aggressive return to the market comes just weeks after Jin expressed deep skepticism regarding geopolitical risks and potential cracks in the global credit market. The transaction, identified by on-chain tracking firm Lookonchain, involved the acquisition of 504.4 BTC and a parallel purchase of 42,524 HYPE tokens valued at approximately $2.33 million.
The move marks a significant sentiment shift for a trader who, as recently as May 7, warned of “disguised peace” in the Middle East and advised caution as Bitcoin approached the $83,000 level. Jin’s recent activity included a $39.5 million deposit into Binance followed by a $10 million transfer to the decentralized exchange Hyperliquid to facilitate the position. This pivot is mirrored by broader market data, as Bitcoin exchange supply maintains multi-year lows, potentially tightening the available liquidity for large-scale buyers.
Derivatives indicators signal return of buyer aggression
The leveraged play by Jin appears to be part of a wider trend in the derivatives sector. According to CryptoQuant, Bitcoin’s Taker Buy/Sell Ratio has climbed back from negative territory to reach a weekly high of 1.1. This figure suggests that buyers are currently more aggressive in opening fresh positions than sellers are in closing them. Positive capital inflows are further evidenced by CoinGlass data, which shows futures inflows reaching $10.64 billion against outflows of $10.42 billion.
This leaves a netflow of $219 million entering Bitcoin derivatives. Furthermore, the Long/Short Ratio has moved back above 1.0, averaging 1.2 on major platforms like Binance and OKX. While Jin’s specific trade carries a liquidation floor of $62,656.49, the broader market remains sensitive to volatility. Sentiment can turn rapidly, as seen when crypto liquidations rise alongside treasury yields, often catching over-leveraged traders in sudden downward swings.
Technical resistance threatens the current BTC recovery
Despite the influx of whale capital, Bitcoin’s technical structure remains relatively fragile. The Daily Relative Strength Index (RSI) stands at 49, below the neutral 50-level which typically separates bearish and bullish momentum. Price action is currently pinned below the 9-day and 21-day Moving Averages (MA), located at $78,000 and $79,000 respectively. Analysts suggest Bitcoin needs a clean daily close above the 21-day MA near $79,407 to reclaim the momentum required for a push back toward $80,000.
Failure to overcome these short-term hurdles could see the market retrace toward the $76,000 support zone. Jin’s prior record as a “permabear” earlier this year makes his current long position particularly noteworthy. In February 2026, he was seen moving over 11,000 BTC worth $760 million to exchanges amidst tariff news. His current bet on Hyperliquid whale long position activity suggests he expects a fundamental shift in the market’s near-term direction despite the technical bottlenecks currently in place.
From bitforex fallout to WaveLabs and XHash
Garrett Jin’s presence in the market continues to be a point of discussion due to his past as Chief Executive of BitForex. The exchange famously shut down in 2024 after approximately $56 million in customer deposits vanished, though Jin had reportedly moved on from the entity before the final collapse. Since then, he has focused on WaveLabs VC and an institutional Ethereum staking platform known as XHash, while maintaining his reputation as a “market smart” trader with high-stakes bets.
While his $59 million long has provided a psychological boost to the “bull” camp, retail participants are urged to remain cautious. Leveraged positions at 5x mean that a 20% price move in the wrong direction would result in a total loss of the initial margin. With Bitcoin still trading below key resistance and the RSI signaling that bears have not fully relinquished control, the coming days will determine if Jin’s bullish reversal is a masterstroke or a premature gamble.