Bitcoin’s volatile week has produced one of the year’s most dramatic stories: a massive $100 million liquidation that wiped out famed whale James Wynn – while on-chain data suggests that other large holders are quietly doubling down.
James Wynn Liquidation Becomes Market Fable
The trend contrasts sharply with the fortunes of individual traders taking the opposite side of the trade. One of the most notable examples is James Wynn , who recently suffered one of the largest liquidations recorded this year.
Source: HyperLiquid
On-chain records show Wynn was liquidated for 949 BTC – approximately $99.3 million, after Bitcoin briefly dipped below the $105,000 mark earlier this week. The position, part of a larger set of long trades, unraveled in just days, wiping out over $99 million in value.
Wynn’s dramatic reversal underscores how quickly fortunes can shift in highly leveraged markets – even for previously successful traders.
The incident has quickly turned into a cautionary tale across the crypto community. A pseudonymous wallet address, 0x2258, has reportedly been counter-trading Wynn for the past several weeks, executing short positions when Wynn goes long, and vice versa.
The result? An estimated $17 million in profit for 0x2258 during the same period Wynn suffered his monumental loss, which was $43 million on 13th May.
While some market participants speculate whether these counter-trades are algorithmically driven or simply opportunistic, the broader takeaway is clear: the market is rewarding patience and punishing excessive leverage.
Whale Accumulation Signals Renewed Confidence
Bitcoin’s recent price action has been anything but quiet. While the broader market has witnessed a healthy recovery following last month’s pullback, a closer look at on-chain data suggests a deeper story unfolding beneath the surface.
Large Bitcoin holders – those with between 1,000 to 10,000 BTC, excluding exchange and miner wallets, have resumed aggressive accumulation, a move historically correlated with bullish price action.
According to CryptoQuant, the total balance of these “whale” addresses has climbed steadily over the past 30 days, now surpassing 3.4 million BTC. Even more telling is the 30-day percentage change, which is not only positive but significantly above the 30-day simple moving average (SMA), triggering a long-term buy signal on investor dashboards.
“This level of accumulation signals growing confidence among large-scale investors,” said CQ Julio, a seasoned on-chain analyst. “Historically, when this cohort ramps up their holdings, we see sustained upward price movement in the following weeks or months.”
A Classic Bullish Setup in the Making?
At the macro level, the reacceleration of whale accumulation comes at a time when macroeconomic uncertainty remains elevated, but demand for Bitcoin as a store of value appears resilient.
Bitcoin is currently trading around $106,000, reflecting a rebound from earlier lows in the week and adding momentum to the bullish narrative forming among long-term holders. With over 108,000 unique BTC now back in whale wallets in the past month alone, sentiment among long-term investors is improving.
Source: CoinGecko
“We are watching a classic setup,” added Julio. “Rising whale holdings, failed high-leverage longs, and strengthening price support all point to a maturing bull market.”
BTC saw sharp volatility toward the end of the month, but the moves remained within expected technical patterns. After bouncing from support at $106,900 to a high near $108,850, the price quickly reversed and closed below $106,900 – confirming a short-term breakdown.
While BTC has since rebounded slightly from the $104,752 support level, the correction may not be over. The next key support lies between $103,150 and $101,700. A confirmed H8 candle close below $101,700 could signal the end of the current bullish trend.
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