Crypto Whale Dumps $1.2B Bitcoin Position After Taking a $13M Hit

Another day, another ’risk-managed’ exit by the big players—just don’t call it panic selling.

When a single trader can move markets by sneezing, a $13M loss is barely a rounding error. But hey, even whales get spooked sometimes.

Funny how ’long-term holds’ always seem to end right after the first red candle.

Market volatility leaves Hyperliquid whales with mixed result

Meanwhile, this is not the first time Wynn WOULD take a loss on a trade, even though his cumulative PNL remains positive. According to Lookonchain, the trader took a $5.3 million loss after closing his ETH and SUI long positions on May 24.

However, he also made $25.19 million in total profits on his Pepe memecoin longs, which were held for more than 2 months. During that period, PEPE gained a 62% increase in value.

Another popular whale, Machi Big Brother, made $2.1 million in profits on Hyperliquid after opening long positions on ETH and HYPE tokens with $6.04 million. He made over $669,000 on the trade and used all his funds to buy almost 219,000 HYPE tokens, which he staked.

With all the massive trading on Hyperliquid, which has seen the decentralized exchange dominate trading volume for decentralized perps, the HYPE token has been rising in value. In fact, it is up more than 5% in the last 24 hours and trades around $35 after gaining more than 100% in the last two months.

Interestingly, HYPE’s performance, which has seen it gain 30% in the past week, has forced some traders who short the token to capitulate. One trader has lost $23.5 million on shorting HYPE on Hyperliquid and had to close all their short positions after more than four weeks.

Over $180 million liquidated in 24 hours as crypto futures dominate trading

Meanwhile, Wynn’s decision to close his long positions is unsurprising, given that the recent price correction has liquidated several long positions. According to CoinGlass data, $182.82 million of positions have been liquidated, and $138.57 million are long positions.

ETH bulls are the most affected, with  $43.46 million in liquidations, followed by Bitcoin with $20.82 million. SOL bulls also lost $7.20 million in liquidation after the recent drop in price.

With longs getting liquidated, it is not surprising that short positions over the last 24 hours have increased and now account for almost 52% of open positions.

Meanwhile, the market volatility is attracting more speculative trading, with the Spot to Futures ratio on Binance now at 4.9, the highest in 18 months. The 4.9 ratio means the futures volume is 4.9 times bigger than the spot volume.

Despite the volatility, experts believe that Bitcoin would still go higher. crypto analyst Crypto Dan said a few days ago that the market had not reached overheated territory as metrics such as short-term capital inflows and funding rates remain low compared to previous peaks. Thus, BTC might still set a new high in this cycle.

The recent drop appears only to be a price correction in reaction to the announcement of a potential 50% tariff against the European Union and a 25% tariff on Apple iPhones if it continues to manufacture outside the US.

KEY Difference Wire: the secret tool crypto projects use to get guaranteed media coverage