Top Trader Closes Bitcoin Long With Enormous Loss

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

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

After closing the trades, Wynn took a massive loss of $13.4 million.

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

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

The cryptocurrency has now dropped by more than 4% from its current all-time high of $112,000 that was reached on May 22.

Altcoin trades

Prior to going long on Bitcoin, 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. The PEPE-linked profit still managed to offset it.  

Flipping bearish

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.

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 leading cryptocurrency seems to be on the verge of dipping below the $107,000 level, meaning that bears remain in control for now.