Bitforex Founder Garrett Jin Adds 600 BTC Long, Position Returns to Profit

BitcoinWorld Bitforex Founder Garrett Jin Adds 600 BTC Long, Position Returns to Profit Garrett Jin, founder of the now-defunct cryptocurrency exchange Bitforex, has expanded his Bitcoin long position amid a recent price rally.

According to on-chain analytics firm EmberCN, Jin added 600 BTC at approximately $79,000, shortly after Bitcoin briefly retreated from above $80,000.

This move brings his total leveraged long position to 1,868 BTC, valued at roughly $147 million, with an average entry price of $77,090. Position Turns Profitable After Volatile Stretch The latest addition comes after a turbulent period for Jin’s trading book.

In early July, the same position faced an unrealized loss of up to $23 million as Bitcoin traded below his average entry. 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.