Prominent cryptocurrency trader James Wynn has liquidated his large Ethereum (ETH) and Sui (SUI) long positions, incurring approximately $5.3 million in realized losses as market conditions shifted sharply against him.
Following these closures, Wynn significantly increased his position in Bitcoin (BTC), currently holding around 11,070 BTC, valued at roughly $1.19 billion. According to blockchain analytics, Wynn’s aggressive shift to Bitcoin has resulted in unrealized losses totaling more than $20 million including associated funding costs. Notably, Wynn’s sizeable Bitcoin position faces a liquidation risk should the market price fall to about $104,820.
Amid this volatile environment, cryptocurrency analyst CrediBULL Crypto has identified a crucial support level that might prove decisive for Wynn’s multi-million-dollar strategy. According to the analyst, the $107,000 to $108,000 price range is critical in preventing a liquidation cascade, which could intensify selling pressure and push Bitcoin’s price towards the $105,000 area.
CrediBULL Crypto emphasized that the market’s reaction at this lower-bound support is vital. If Bitcoin holds this support strongly, a rebound and another attempt towards new highs could potentially occur. Conversely, a breakdown beneath this zone could trigger forced liquidations, amplifying downward pressure.
The repositioning represents a significant shift in Wynn’s trading strategy, away from earlier profitable trades involving the memecoin Pepe (PEPE). Just recently, Wynn closed his Pepe positions with an impressive profit of roughly $25.19 million, underscoring the volatile swings often witnessed in the cryptocurrency markets.
Wynn’s latest decisive pivot underscores the elevated volatility in trading conditions after Bitcoin briefly surged to an all-time high, before swiftly pulling back. Unable to withstand the downward market pressures, his Ethereum and Sui positions proved unsustainable, resulting in substantial losses and prompting the trader’s current substantial bet on Bitcoin as a financial lifeline.
