According to Lookonchain, top trader James Wynn closed his entire long position on Sunday.

question had accumulated a total of $1.25 billion worth of long positions.

Top trader, James Wynn, known for his massive cryptocurrency trades, has closed his entire long position, according to blockchain analytics firm Lookonchain.

According to the firm, Wynn closed his long positions on Sunday, May 21.

The trader, who is also known as "Fibav888" on the social platform X, had been accumulating a total of 11,000 Bitcoin (BTC) at an average price of $113,000 over the past month.

At press time, the cryptocurrency is changing hands at $107,342.

This means that the trader has taken a loss of $13.4 million as he closed his longs at a lower price.

Moreover, the price of Bitcoin dipped by 1.3% on the Hyperliquid platform after the whale closed the massive position.

Cryptocurrency prices today

Data from Benzinga Pro shows that the Bitcoin price has now dropped by more than 4% from its current all-time high of $112,000 that was reached May 22.

The cryptocurrency has been trading in a wide range this year, with the price bouncing back from lows of around $60,000 in March.

The recent volatility in the Bitcoin price is likely due to a variety of factors, including the macroeconomic environment, the U.S. debt ceiling crisis, and the ongoing bear market in the cryptocurrency markets.

The cryptocurrency markets have been struggling in 2023 after a strong rally in 2022.

The recent liquidations

According to data provided by CoinGlass, roughly $212 million worth of crypto has been liquidated over the past 24 hours. Obviously, long positions account for the vast majority of this sum ($169 million).

The cryptocurrency market is in a fragile state at the moment, and any sudden price movements can trigger a chain reaction of liquidations. This can put additional pressure on the market and lead to further price declines.

The liquidations also serve as a reminder of the risks involved in trading on margin. When traders open margin positions, they borrow funds from a cryptocurrency exchange to amplify their trading gains. However, if the price of the cryptocurrency moves against the trader's position, they can quickly lose their initial investment and be forced to liquidate their position.

The cryptocurrency market is still a relatively new and volatile asset class. As such, it is important for traders to be aware of the risks and to manage their risk accordingly. This includes choosing a cryptocurrency exchange wisely, setting appropriate stop-loss orders, and diversifying one's portfolio.

The cryptocurrency market is constantly evolving, and traders need to stay informed of the latest developments in order to make sound trading decisions.

In other news, the whale also closed his long positions on Pepe (PEPE) and secured a massive profit of $25 million.

On Saturday, however, he also closed his long positions on Ethereum (ETH) and Sui (SUI), logging a loss of $5.3 million.

After closing the recent long, Wynn has now flipped bearish on Bitcoin, which means that he has opened a short position.

His current short position stands at $112 million. The whale will get liquidated if the Bitcoin price surges to $149,100, which is a highly unlikely scenario in the short term.