Bitcoin Roars Back to $110K—Liquidation Tsunami Wipes Out $1B in Shorts on Hyperliquid

Talk about a revenge rally—Bitcoin just moonwalked past $110,000, leaving a trail of wrecked short positions in its wake. Hyperliquid traders learned the hard way: betting against crypto’s OG whale is a $1 billion mistake.

When the king of crypto flexes, leverage gets wrecked. The latest pump turned Hyperliquid into a graveyard for overleveraged shorts—proof that even in DeFi’s ‘sophisticated’ era, greed still writes checks the market happily cashes.

Another day, another reminder: in crypto, the house always wins—especially when the house is a decentralized swarm of diamond-handed degenerates.

High-stakes Bitcoin bet on Hyperliquid

Over the weekend, crypto trader James Wynn became the center of attention after placing two consecutive billion-dollar bets on Bitcoin.

On May 24, he opened a long position worth roughly $1.25 billion, using 40x leverage and expecting the price to surge to between $118,000 and $121,000.

However, that bullish bet was short-lived. He closed the trade at a $13 million loss and pivoted to a bearish short position of equal size in less than 24 hours.

But BTC’s price rebound also left that bearish trade underwater, costing him another $15.87 million in just 15 hours.

Despite the back-to-back losses, Wynn remains profitable overall.

Blockchain analysis platform Lookonchain reported that the trader withdrew $28 million USDC from Hyperliquid and ended the weekend with a net profit of $25.2 million.

Over the past 75 days, he has completed 38 trades on the platform, winning 17 of them and contributing $2.31 million in trading fees to Hyperliquid.

Meanwhile, Wynn is back in the game as of press time. Lookonchain reported that he has reopened a 40x long position worth $75.34 million (684 BTC), with a liquidation price of $103,120.

He also entered a $20 million long on memecoin Pepe at 10x leverage. As of his latest update, the position shows an unrealized gain of about $434,867.