James Wynn’s Account Drops to $900 After Latest Bitcoin Liquidation on Hyperliquid

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.