Hyperliquid Bitcoin whale loses $100 million as BTC price falls below $105K

One of the biggest stories in crypto this week unfolded as a prominent trader on the Hyperliquid decentralized exchange, known as James Wynn, saw nearly $100 million in leveraged Bitcoin positions liquidated after the price of BTC dipped below $105,000. The swift market downturn, triggered in part by new tariff announcements from the United States, wiped out a massive bet that had previously seen unrealized profits soar to $100 million.

Wynn, who had gained attention for his aggressive trading style and previous successes, placed a series of highly leveraged long positions on Bitcoin, at one point controlling over $1 billion in exposure with just $20 million in collateral at an eyewatering 40x leverage. As Bitcoin’s price soared, the value of his positions ballooned, but the market’s volatility quickly turned against him.

On May 30, Bitcoin’s price tumbled below $105,000, leading to a cascade of liquidations. On-chain data shows that Wynn’s two largest positions—527.29 BTC ($55.3 million) and 421.8 BTC ($43.9 million)—were liquidated as the price hit $104,950 and $104,150, respectively. In total, 949 BTC, valued at approximately $99.3 million, were wiped out in a matter of hours. Earlier, on May 29, another 94 BTC ($10 million) position was liquidated at $106,330.

Despite the herculean loss, Wynn appeared unfazed, taking to X to post after the event:

“The perps casino was fun. Zero regrets. Flipping $4m to $100m and back down to -$13m is one hell of a thrill. Hope many of you enjoyed it as much as I did.”

Where most traders would have retreated to lick their wounds, at least for an evening, Wynn quickly re-entered the market, opening new leveraged long positions on Bitcoin and the meme coin PEPE, though these new trades were also facing unrealized losses as of Friday. He posted:

“I’ll run it back, I always do. And I’ll enjoy doing it. I like playing the game. I like the swings. Money is all about mindset. At the end of the day, I’m still richer than 99.9% of CT brokies.”

While a philosophical Wynn may have taken the liquidation in his stride, the incident set Crypto Twitter alight, serving as a clear reminder of the risks of high-leverage trading and a cautionary tale for anyone considering extreme leverage in volatile markets.

Hyperliquid, the decentralized exchange where Wynn placed his bets, continues to attract attention for its ability to handle massive trades and its role in shaping market narratives. Despite a recent pullback, the HYPE token saw impressive price action in May, almost doubling in value since the start of the month, from ~$20 to ~$40 at its highest point.

Mentioned in this article