according to the website materials - By Coincu
On October 13, Garrett Jin, previously notorious for selling BTC worth $4.23 billion, explained his bearish position ahead of the cryptocurrency crash on October 11, citing signals of market overbought.
Jin's significant shift from BTC to ETH highlights the influence of major investors and reveals interconnected risks in technology stocks and cryptocurrency markets affecting market sentiment and liquidity.
Garrett Jin, former CEO of BitForex, made a substantial shift in the cryptocurrency market by selling bitcoins worth over $4.23 billion and transferring funds to Ethereum. Previously, Jin emphasized signals of overbought conditions in both cryptocurrencies and U.S. technology stocks, indicating a change in the risk landscape.
The implications of these actions are quite extensive. Jin's perspective pointed to ongoing structural instability in the market, exacerbated by high leverage in cryptocurrencies. The event vividly demonstrates how trading platforms offering aggressive leverage to retail investors may face liquidity crises similar to past market downturns.
Statements from key figures, such as Changpeng Zhao (CZ) from Binance, reflect industry concerns. Garrett Jin, former CEO of BitForex, said: 'Thank you, Changpeng Zhao, for providing my personal information. I want to clarify that I have no relation to the Trump family or Trump Jr. — this is not insider trading. The funds do not belong to me but to my clients.' Some analysts question his motivation, raising discussions about market stability and regulatory oversight.
The cryptocurrency market often reflects trends in the technology stock market, as evidenced by significant investor actions, such as Jin's recent move.
Such correlations have already triggered previous downturns, notably the class 'A' stock crash in 2015 and the U.S. stock market collapse in March 2020. According to CoinMarketCap, as of October 13, 2025, the price of bitcoin (BTC) was $115,256.40, with a market capitalization of about $2.30 trillion. The trading volume in the last 24 hours reached approximately $93.44 billion, increasing by 30.07%. The price of BTC rose by 3.13% over 24 hours, despite a decline of 7.01% over the week.
