Bitforex Founder Garrett Jin Doubles Down on Bitcoin Long Position

Garrett Jin, the founder of the defunct cryptocurrency exchange Bitforex, has increased his Bitcoin long position by adding 600 BTC at approximately $79,000. This move brings his total leveraged long position to 1,868 BTC, valued at roughly $147 million.

The latest addition comes after a turbulent period for Jin's trading book, which faced an unrealized loss of up to $23 million in early July when Bitcoin traded below his average entry price of $77,090. However, the recent surge in Bitcoin's price has flipped the position into profit, with an unrealized gain of approximately $2.78 million at current levels.

Jin's high-risk strategy uses 3x leverage, which amplifies both gains and losses. His other trading activity includes a 2x leveraged cross short on Zcash (ZEC), with 32,760 ZEC at an average entry of $444. This position is currently showing an unrealized loss of approximately $10.74 million.

The development highlights the outsized risk that leveraged positions carry, especially for high-profile figures in the crypto space. It also demonstrates how quickly market sentiment can shift and turn deep losses into profits.