$99.3M Bitcoin Liquidation Crushes Hyperliquid Whale Amid BTC Price Crash

High-Leverage Chaos as BTC Dips Below $105K

Bitcoin’s sharp dip below $105,000 on May 30 triggered one of the largest liquidation events in recent memory, wiping out $99.3 million in leveraged long positions held by Hyperliquid trader James Wynn. Known across crypto circles for his unorthodox and high-stakes strategies, Wynn was caught in a cascade of forced liquidations after Bitcoin tumbled to a 10-day low of $104,630 on Coinbase, and even lower on other exchanges. 

Three key positions were liquidated in rapid succession: 527.29 BTC worth $55.3 million at $104,950, 421.8 BTC worth $43.9 million at $104,150, and an earlier 94 BTC valued at $10 million at $106,330. The total of 949 BTC liquidated within 24 hours sent ripples across the coin market cap, drawing concern from both institutional and retail traders tracking the crypto price index.

Despite the nearly nine-figure wipeout, Wynn re-entered the market almost immediately with another high-risk maneuver—a 40x leveraged long position totaling $1.25 billion, opened when BTC was trading at $107,993. The trade has since swung between extremes, briefly touching $82 million in unrealized profits before plunging into a $100 million paper loss. 

As of the latest reporting window, the position carries an unrealized deficit of $3.4 million, with a liquidation price looming at $102,630. Wynn’s objective remains audacious: a $1 billion profit on a single high-leverage swing. Whether this ends in redemption or another catastrophic drawdown hinges on near-term Bitcoin volatility.

Wynn’s notoriety has turned his trades into real-time sentiment indicators. Fellow traders—including whales and institutional desks—have been observed adjusting positions in response to his public plays, fueling speculation of targeted liquidation efforts, sometimes referred to as “whale hunting.” His open positions and portfolio shifts are tracked by thousands on social media, where screenshots and dashboards of his trades are shared as market signals. 

Wynn, fully aware of his influence, acknowledged the recklessness of his style, stating on X: “I do not follow proper risk management, nor do I claim to be a professional; if anything, I claim to be lucky. I’m effectively gambling. And I stand to lose everything. I strongly advise people against what I’m doing!”

These theatrics have propelled Hyperliquid’s visibility in the crypto derivatives ecosystem. Open interest on the exchange surged to $6.9 billion amid the liquidation frenzy, pushing it to the 13th spot among global derivative platforms. Much of this newfound attention is directly tied to Wynn’s high-risk, high-profile exposure, raising broader questions about the role of spectacle in driving crypto trading activity. While Wynn’s behavior stirs concern, it also elevates Hyperliquid’s standing and feeds ongoing debates about transparency, risk, and the performative nature of crypto price movements.

As attention surrounding Bitcoin’s crypto price index intensified, Wynn diverted some focus toward meme tokens. Hours after his BTC wipeout, he promoted MoonPig (MOONPIG), a meme coin with an idle-game twist. The endorsement had immediate effect: MOONPIG surged from $0.01 to $0.03 in a matter of hours. Though Wynn admitted to only small stakes in other meme tokens—PURR, FARM, VAPOR, and BUDDY—the speculative wave following his attention mirrored past meme cycles. His activity also coincided with a spike in HYPE, the native token of Hyperliquid, which rebounded to $32.62, approaching its previous high of over $39.

From deep liquidations to risky redemptions and memecoin pivots, Wynn’s volatile saga underscores the fragility of extreme leverage within crypto markets and the way public personas now influence both market dynamics and broader perception. While the broader coin market cap continues reacting to geopolitical headlines and liquidity shifts, Wynn’s moves remain a microcosm of crypto’s appetite for spectacle—and the real risks behind the numbers.

This article has been refined and enhanced by ChatGPT.