Hidden giant whale behind 8.86 million ETH: from BTC selling to staking covert battles

GasFeeLady · 2026-01-06T13:36:12+00:00

On-chain analysis shows that Garrett Jin and his company XHash developed two Ethereum staking contracts that attracted 886,440 ETH, worth over $40 billion. These funds originated from profits from selling BTC on the Hyperliquid and Hyperunit platforms, and were subsequently locked for four months before being unstaked. The two key figures, Garrett Jin and Jack Chen, have collaborated before and may jointly manage a fund of approximately $10 billion, warranting attention to their funding links.

GasFeeLady

2026-01-06 13:36:12

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【Blockchain Rhythm】On-chain analysis reveals that a person named Garrett Jin and his company XHash have participated in the development of two Ethereum staking contracts—Eth2Depositor and EthBatchDepositor. These two contracts attracted approximately 886,440 ETH, with a total value exceeding $4 billion.

Interestingly, the source of this massive capital has been traced clearly. According to on-chain data, these ETH originally came from profits made by selling BTC on the Hyperliquid and Hyperunit platforms between August and September last year. After entering the market, the funds were locked in staking pools for about four months and have recently completed full unstaking.

Further investigation into the background shows that the company behind this is registered on LinkedIn as “Hypercieve,” headquartered in Singapore. The co-founder of this company is Jack Chen, who is also the founder of the Bitcoin mining pool company SpiderPool.

Even more noteworthy is the connection between the individuals. Jack Chen and Garrett Jin previously worked at the same exchange, both serving as operations directors during 2014-2016. This long-term collaboration suggests they are likely core figures managing a fund pool of approximately $10 billion. From BTC selling, to ETH staking, to the backgrounds of the related parties, the tight linkage across the entire chain indeed warrants in-depth attention.

ETH-5.07%

BTC-3.57%

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WalletDivorcer

· 01-07 22:07

Wow, 8.86 million coins? How many BTC would that take to buy? The transparency on the chain is a bit scary.

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WagmiWarrior

· 01-06 20:18

Oh wow, 8.86 million ETH? This guy is really playing big You can even find it on-chain, still want to stay hidden? There's no secret anymore With such huge traffic on the staking contract, there must be a story behind it, need to dig deeper These numbers are too exaggerated, four billion dollars just flowing in like that... really daring Wait, selling off BTC then going all in on ETH? That logic is a bit slick Remember the name Garrett Jin, you should pay more attention to the movements of these big players in the future

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Degen4Breakfast

· 01-06 14:06

8.86 million tokens? Damn, how much can you earn from that? How come no one has sniped you for staking so much?

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LiquidatedTwice

· 01-06 14:05

8.86 million tokens? Damn, how much is that worth? Whale players are also going crazy. There are so many whales hidden in the staking contract, no wonder my small retail orders always get eaten. Is Garrett Jin the guy who discovered some arbitrage opportunity... Honestly, on-chain tracking can sometimes be more exciting than candlestick charts. Flowing $4 billion, my goodness, this is the real main force. Switching from BTC to ETH staking at this pace, I can only try to keep up. Why can some people always hit the mark so precisely? It’s frustrating. 8.86 million ETH staked... What are they betting on? At this level, a whale moving can make the entire market shake.

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ShitcoinConnoisseur

· 01-06 13:54

Whoa, 8.86 million tokens? How many people must have dumped in? No, it's 886,440 tokens haha, I counted wrong. This contract operation is quite covert... Staking is really complicated, every time I see this kind of tracking data I have to ponder for a long time. Wait, who is Garrett Jin? How did he become an invisible giant whale... 4 billion USD, does anyone really play with staking like this? The clear tracking path makes it even more terrifying, indicating that there are no secrets on the chain at all.

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NFTRegretful

· 01-06 13:53

8.86 million ETH? This guy really knows how to play, quietly eating such a big piece of the cake. Staking contracts, it doesn't seem that simple. The path has been thoroughly uncovered; secrets on the chain really can't be hidden. This move is indeed quite something; is this how low-key whales operate? Wait, $4 billion worth of ETH sold from BTC? That logic is a bit convoluted. I've heard of XHash for the first time, but anyone who can accumulate that many coins must have some skills. The dark battle sounds exciting, just hearing about it is thrilling. Is this guy not afraid of being investigated? Everything is clear on the chain. Large staking whales are active, and those holding coins now have another reference point.

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