According to Lookonchain, top trader James Wynn closed his entire long position on Sunday.
The trader in question had accumulated a total of $1.25 billion worth of long positions.
After closing the trades, Wynn took a massive loss of $13.4 million.
Notably, the price of Bitcoin dipped by 1.3% on the Hyperliquid platform after the whale closed the massive position.
At press time, the leading cryptocurrency is changing hands at $107,342.
The cryptocurrency has now dropped by more than 4% from its current all-time high of $112,000 that was reached on May 22.
Altcoin trades
Prior to going long on Bitcoin, the whale also closed his long positions on Pepe (PEPE) and secured a massive profit of $25 million.
On Saturday, however, he also closed his long positions on Ethereum (ETH) and Sui (SUI), logging a loss of $5.3 million.
Flipping bearish
After closing the recent long, Wynn has now flipped bearish on Bitcoin, which means that he has opened a short position.
His current short position stands at $112 million. The whale will get liquidated if the Bitcoin price surges to $149,100, which is a highly unlikely scenario in the short term.
Recent liquidations
According to the data provided by CoinGlass, roughly $212 million worth of crypto has been liquidated over the past 24 hours. Obviously, long positions account for the vast majority of this sum ($169 million).
The leading cryptocurrency seems to be on the verge of dipping below the $107,000 level, meaning that bears remain in control for now.
Source: https://u.today/top-trader-closes-bitcoin-long-with-enormous-loss