Garrett Jin: The market is still bearish, and the current rebound is mainly driven by excessive leverage

Garrett Jin, a Bitcoin (BTC) whale who accurately shorted and sold over $4.23 billion worth of Bitcoin (BTC) to Ethereum (ETH) before the crash, posted on the X platform that there aren't many conspiracy theories in the market and that people should stop using ignorance and unprofessionalism as excuses. He noted that he remains bearish, citing the recent price rebound as primarily driven by excessive leverage, and that the October 11th crash had eliminated most highly leveraged traders. A sustainable market rally is unlikely until exchanges establish stabilization funds and restore market confidence. Garrett Jin emphasized that while his client may have made mistakes, he possesses professional risk management experience. He currently holds a large amount of spot crypto, using short positions as a partial hedge and intends to expand further if liquidity allows. He also reminded investors that the current crypto market is highly correlated with US stocks, and that those who fail to continuously update their knowledge will be eliminated by the market.