James Wynn, one of crypto’s most closely tracked traders, has been liquidated after shorting Bitcoin (BTC) on decentralized exchange Hyperliquid. On-chain intelligence firm Arkham Intelligence confirmed the wipeout.
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The liquidation left Wynn’s account at just over $900, with a loss of $20 million according to HypurrScan data.
“In just the past 2 weeks, he has been liquidated 6 times!,” blockchain analytics firm Lookonchain added.
Wynn had warned traders over the weekend that conditions across markets would worsen before improving. He outlined his multi-asset defensive strategy, which included shorting both the S&P 500 and the Nasdaq, going long on WTI crude oil, and selectively buying BTC dips with spot capital.
The trader’s bearish positioning coincided with heightened geopolitical tensions around the Strait of Hormuz and oil prices hovering above $100 per barrel. However, Bitcoin moved sharply against his short.
BTC climbed 3% over the past 24 hours. Earlier today, the cryptocurrency surged to an intra-day high of over $70,000, its highest level in more than a week. BeInCrypto Markets data showed that at press time, it traded at $69,133.
BeInCrypto reported that the rally was driven by a derivatives-led short squeeze that liquidated roughly $196 million in short positions across the market. The total crypto market capitalization recovered to $2.35 trillion on April 6, adding approximately $89 billion from the $2.27 trillion low hit on April 5.
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