Hyperliquid whale James Wynn records $13.39 million in losses liquidating his Bitcoin long position

James Wynn, a Hyperliquid whale who shot into the limelight for profitable trades, has recorded $13.39 million in losses in his long position with Bitcoin.

Hyperliquid whale James Wynn has liquidated his $11,588 BTC (बिजली 1.2 billion) long position at an average price of $105,180, taking over $13.39 million in losses.

On-chain analyst EmberCN shared that Wynn's decision to close all positions and complete the process within 47 minutes is a surprise, especially after he posted on X yesterday that Bitcoin would reach $110,500 today and should climb up to $121,000 by next week. Many people praised his bullish post then.

However, technical analysis showing a golden cross today has spooked him and made him close his positions. Usually, the golden cross is considered a bullish signal but it is often preceeded by a deep.

Crypto analyst Kyle Chasse had predicted that Bitcoin could drop by 10% to 15% before seeing another liftoff that could send it to a new high. Chasse added that altcoins could fall further.

According to on-chain data, the trader is closing his biggest Bitcoin at a loss but he has made a total of $8.45 million in combined profits on all his Bitcoin positions in the last few days, benefiting from BTC's recent rally.

The trader is also known for taking huge losses, especially when closing large positions quickly. In May, he closed his ETH and SUI long positions at a loss of $5.3 million.

However, he also made a total of $25.19 million in total profits on his PEPE memecoin longs which were held for over two months and saw a 62% increase in value.

Another popular whale, Machi Big Brother, made a profit of $2.1 million on Hyperliquid after opening long positions on ETH and HYPE tokens with $6.04 million.

He made over $669,000 on the trade and used all his funds to buy almost 219,000 HYPE tokens which he staked.

With all the massive trading on Hyperliquid, which has seen the decentralized exchange dominate trading volume for decentralized perps, the HYPE token has been rising in value.

It is up more than 5% in the last 24 hours and trades around $35 after gaining more than 100% in the last two months.

HYPE's performance, which has seen it rise 30% in the past week, has forced some traders who short the token to capitulate. One trader has lost $23.5 million on shorting HYPE on Hyperliquid and had to close all his short positions after more than four weeks.

According to CoinGlass data, around $182.82 million worth of positions have been liquidated in the past 24 hours, with $138.57 million being long positions.

ETH bulls are the most affected, with $43.46 million in liquidations, followed by Bitcoin with $20.82 million. SOL bulls also lost $7.20 million in liquidation after the recent drop in price.

With longs getting liquidated, it is no surprise that short positions over the last 24 hours have increased and now account for almost 52% of open positions.

Meanwhile, the market volatility is attracting more speculative trading, with the Spot to Futures ratio on Binance now at 4.9, the highest in 18 months. The 4.9 ratio means the futures volume is 4.9 times bigger than the spot volume.

Despite the volatility, experts believe that Bitcoin would still go higher. Crypto analyst Crypto Dan said a few days ago that the market had not yet reached overheated territory as metrics such as short-term capital inflows and funding rates remain low compared to previous peaks. Thus, BTC might still set a new high in this cycle.

The recent drop appears only to be a price correction in reaction to the announcement of a potential 50% tariff against the European Union and a 25% tariff on Apple iPhones if it continues to manufacture outside the US.