Whale with $1.15 million bullish on JUP, buyback halt news turns into a positive signal

A new whale address quickly acted after Jupiter co-founders indicated they were considering stopping JUP buybacks. Within 24 hours, they deposited $5.5 million into Hyperliquid and opened multiple low-leverage long positions, including JUP. This seemingly contrarian move may reflect a new market perception of the Jupiter ecosystem.

Specific Layout of the Whale

According to on-chain data monitoring, address 0x7110 established a total long position of $12.03 million in the past 24 hours, with $1.15 million allocated to JUP. The detailed position structure is as follows:

Notably, the timing of this fund inflow and JUP opening positions coincides closely with the Jupiter co-founders’ statement on January 3rd questioning whether to stop JUP buybacks. This timing is unlikely to be coincidental.

Why Is the Whale Bullish Now?

The buyback halt actually signals a positive signal

On the surface, stopping buybacks seems negative. However, the whale’s logic might be that Jupiter co-founders’ doubts about buyback effectiveness are paving the way for shifting to other growth strategies.

According to related news, Jupiter spent over $70 million on buybacks last year, but the token price did not rise significantly. The public questioning by the founders suggests they are considering more effective capital allocation methods. This reflection itself could be a positive signal for long-term investors—indicating that project management is taking capital efficiency seriously.

Solana founder’s staking suggestion

Solana founder Toly later shared his view, recommending Jupiter adopt staking mechanisms instead of buybacks. The core logic is that staking can filter long-term holders and establish a more stable capital structure. If Jupiter adopts this approach, it would shift the project from short-term speculation to long-term ecosystem development, which is undoubtedly positive for investors confident in the project’s fundamentals.

Re-evaluation of ecosystem value

According to the latest data, Jupiter’s fee revenue in 2025 has surpassed $1 billion, matching Uniswap on Ethereum. This indicates Jupiter’s position as a leading DEX in the Solana ecosystem has been fully validated by the market. The whale’s bullish stance may be based on confidence in this real revenue-generating capability.

Implications of Market Signals

This large position build-up is generally viewed by market participants as an important signal. Several points worth noting:

• The whale chose to build positions near the current JUP price of $0.212, indicating a short-term price forecast
• Using 3x leverage rather than higher suggests strong risk management awareness, more confidence in direction than gambling
• Allocating to mainstream assets like BTC and SOL indicates this is not just a JUP bet but a positive outlook on the entire Solana ecosystem

What to Watch Next

Jupiter’s upcoming decisions are crucial. Whether they truly stop buybacks and how they implement staking will directly impact market valuation of JUP. Additionally, a 10% token unlock at the end of January could exert downward pressure on the price, which is a factor the whale needs to monitor closely.

Summary

This whale’s accumulation reflects a re-evaluation of Jupiter’s project. The news of buyback cessation is, to some extent, interpreted as a more rational capital allocation decision by the project team rather than purely negative. Coupled with Jupiter’s real ecosystem value and Solana’s growth momentum, the bullish logic of the whale is not unfounded. Of course, this also means the market is re-pricing JUP, and subsequent project developments and token unlocks warrant close attention.