Prominent cryptocurrency trader James Wynn has liquidated his large Ethereum (ETH) and Sui (SUI) long positions

Following these closures, Wynn significantly increased his position in Bitcoin (BTC), currently holding around 11,070 BTC, valued at roughly $1.19 billion.

Prominent cryptocurrency trader James Wynn has liquidated his large Ethereum (ETH) and Sui (SUI) long positions, reporting approximately $5.3 million in realized losses as market conditions shifted sharply against him.

According to blockchain analytics, Wynn has offloaded his Ethereum and Sui holdings for a loss, closing out his futures contracts and reporting a net realized loss of about $5.3 million.

Following these closures, Wynn significantly increased his position in Bitcoin (BTC), currently holding around 11,070 BTC, valued at roughly $1.19 billion.

However, this aggressive shift to Bitcoin has resulted in unrealized losses totaling more than $20 million including associated funding costs.

Wynn’s sizeable Bitcoin position faces a liquidation risk should the market price fall to about $104,820.

Amid this volatile environment, cryptocurrency analyst CrediBULL Crypto has identified a crucial support level that might prove decisive for Wynn’s multi-million-dollar strategy.

According to the analyst, the $107,000 to $108,000 price range is critical in preventing a liquidation cascade, which could intensify selling pressure and push Bitcoin’s price towards the $105,000 area.

CrediBULL Crypto further explained that the lower-bound support is crucial in preventing a vicious cycle of liquidations and selling.

“A strong hold of this level could invite buyers back in for another attempt towards new highs. But if we break down, this lower-bound support at $107K-$108K is crucial to prevent a vicious cycle of liquidations and selling that could ultimately push us towards the $105K area.”

The repositioning represents a significant shift in Wynn’s trading strategy, diverging from earlier profitable trades involving the memecoin Pepe (PEPE).

Just recently, Wynn closed his Pepe positions with an impressive profit of roughly $25.19 million, highlighting the swift and substantial gains and losses that traders navigate in this domain.

However, as Bitcoin faced difficulties sustaining itself above the $110,000 mark and began encountering selling pressure, leading to a decline, Wynn’s trades on Ethereum and Sui proved less successful, incurring losses that prompted him to wind down these positions.

These closures and repositioning highlight the fluidity and decisive pivots that traders must make in the face of shifting market dynamics and the potential for cascading liquidations to amplify existing trends.