Prominent Trader James Wynn Closes Long Bitcoin (BTC) Position at a Significant Loss

Prominent trader, James Wynn, recently closed a long Bitcoin (BTC) position at a significant loss. According to data from Lookonchain, Wynn had accumulated long

Prominent trader James Wynn has closed a large Bitcoin (BTC) position at a significant loss, according to data from blockchain analytics firm Lookonchain.

Long Positions Closed at a Loss

Wynn, who is known for his massive trades and rapid position changes, had accumulated long positions on Hyperliquid with a total value of $1.25 billion. These positions were closed on Tuesday with a loss of $13.4 million.

The 1.3% drop in the price of Bitcoin (BTC) after the closure of these large positions further added to the trader’s woes. Notably, a 1% price change in Bitcoin (BTC) at current levels corresponds to approximately $1 billion in market value.

Bitcoin Price Falls Further

Following the closure of Wynn’s positions, Bitcoin (BTC) fell to $107,342, marking a decline of more than 4% from its all-time high of $112,000, which was reached on May 22.

The cryptocurrency is now trading at around $107,000, and a break below the $100,000 psychological level could open the door for further downside potential.

This drop has also affected other cryptocurrencies, with traders becoming more cautious and many questioning what big market players will do next.

Wynn Switches to Short Position

After closing his long positions, Wynn switched strategies to become bearish on Bitcoin (BTC). He has now opened a short position worth $112 million.

This short position will be liquidated if the price of Bitcoin (BTC) rises to $149,100, a scenario that is considered highly unlikely in the short term.

However, if the price does reach that level, it will indicate an extreme bullish move, which could have significant implications for the cryptocurrency market.

Huge Profits and Losses From Other Coins

Before focusing on Bitcoin (BTC), Wynn also closed his long position on Pepe Coin (PEPE) with a huge profit of $25 million. However, he incurred a $5.3 million loss from closing long positions on Ethereum (ETH) and Sui (SUI).

Nonetheless, the profits from Pepe Coin (PEPE) managed to partially cover those losses.

Data from CoinGlass shows that around $212 million worth of crypto assets have been liquidated in the last 24 hours, with long positions accounting for the majority, at $169 million.

This information confirms that market volatility is still high, and traders should be cautious about taking positions in this volatile market.