Garrett Bullish Nears Breakeven on $800M Crypto Position

• Garrett’s crypto account rebounds $68M since Dec 17, with total equity now $220.55M, highlighting aggressive trading moves.

• ETH and BTC positions face losses, while SOL gains 3.1%, reflecting high leverage and market volatility across major assets.

• Market inflows into crypto continue despite equities selling off, signaling potential momentum and a possible short squeeze.

Crypto traders face a pivotal moment as Garrett Bullish edges closer to breakeven on a massive $800 million long position. The highly active account, tracked by MLM on X, shows a remarkable recovery since December 17, when equity dropped to $23.98 million.

Currently, Garrett has gained approximately $68 million, bringing total equity to $220.55 million. The account’s trading activity, spanning both perpetual futures and spot markets, emphasizes aggressive positioning and significant risk management.

Over the past two weeks, the account recorded $25.8 million in trading volume, reflecting frequent market maneuvers. Across its lifetime, total trading volume reaches $4.41 billion, showcasing its scale and influence.

Cumulative profit and loss stands at $92.57 million, with nearly all capital deployed in perpetual futures. Spot holdings remain negligible at $33.73, and no funds are allocated to staking or vaults. The account’s maximum drawdown hit 69.18%, highlighting the volatility inherent in high-leverage strategies.

Leverage Positions Under the Spotlight

Currently, Garrett holds three leveraged positions using cross margin, meaning losses in one position can affect total equity. The largest stake is Ethereum (ETH) at 5x leverage, with 203,340 ETH valued around $634.9 million, down $5.1 million.

Bitcoin (BTC) also trades at 5x leverage, holding 1,000 BTC worth $90.1 million, currently down $1.45 million or 7.9%. Solana (SOL) offers a rare profit, with 511,612 SOL at 10x leverage, gaining $204,065 or 3.1%. Funding fees remain substantial, reinforcing the cost of holding large positions over time.

Garrett commented on the broader market, stating, “As we analyzed before, gold and silver have already topped. At today’s market open, capital has already started rotating into crypto. Even with equities selling off after the open, crypto kept pushing higher. Inflows could continue and upside momentum could accelerate triggering a short squeeze without pullback.”