Garrett Jin Moves $147M USDC to Binance After Hyperliquid Losses
USDC (USDC)
Editor:
Eugene Serbin
coinfanatica.com reports that Garrett Jin withdrew $147 million in USDC from Hyperliquid and deposited the funds into Binance. This transfer occurred after Jin experienced approximately $14.7 million in trading losses over the past four months on the Hyperliquid platform. The move highlights shifting liquidity dynamics within the DeFi sector as traders adjust their positions.
USDC serves as a critical stablecoin for providing liquidity and stability across various trading platforms. Hyperliquid recently expanded its offerings by launching a perpetual futures contract tied to the S&P 500. This integration of traditional finance products into crypto markets adds complexity to the current trading environment.
Large withdrawals like this one can signal changes in individual trader strategies and broader market sentiment. The movement of such substantial capital raises questions about the sustainability of leveraged trading positions. Traders are advised to monitor how this liquidity shift impacts both Hyperliquid and Binance. The event underscores the ongoing volatility affecting assets in the current market.
How the market reacted
Whalio's own Binance spot order flow for USDC, measured when this story was written up on 24 September 2026. Not the outlet's figures.
USDC is trading at $1.00 with a 1-hour buy ratio of 48.8% and a 4-hour buy ratio of 48.3%, indicating slightly more selling than buying in the short term. Over the last 24 hours, the buy ratio rose to 51.7%, suggesting that buying pressure has built up over the full day compared to the immediate short-term readings. The 1-hour volume delta is negative at -$4,048,397, while the 4-hour delta is -$20,714,835, showing net selling in recent hours. However, the 24-hour volume delta is positive at +$117,611,978, with a cumulative CVD of +$92,914,022, indicating that net buying has dominated the day. Spot volume reached $3,509,948,477 with 689,888 trades, reflecting active market participation. Net buying occurred for 15 out of the last 24 hours, confirming a dominant buying trend over the longer timeframe.
The latest daily buy ratio of 50.2% sits at the 73rd percentile of the last 322 days, against a median of 48.4% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for USDC, averaged over the days leading up to the story.
The current 24-hour buy ratio of 51.7% is 2.2 percentage points higher than the 7-day average of 49.5%, marking an unusual day of increased buying interest. Trading volume was 1.23 times the weekly average, indicating significantly higher activity than usual. Over the preceding week, net buying occurred on only 3 out of 7 days, contrasting with the 15 days of net buying seen in the last 24 hours. The 8-day volume delta was -$32,659,183, showing that selling pressure dominated the broader weekly context despite today's buying surge. The price changed by -0.1% over the 8-day period, remaining relatively stable despite the volume spike.