Bitcoin Plummets Below $1 Billion Long Position as Whale Faces $10 Million Loss

On May 22nd, COINOTAG reported that recent on-chain analysis reveals significant shifts in the Bitcoin market. Following a swift decline, Bitcoin’s value has plummeted beneath the critical threshold of $1 billion tied to a long-position (40x leverage) initiated by prominent whale, James Wynn, on the platform Hyperliquid. The prevailing data indicates a position value of $1.07 billion, with an entry price set at $108,084 and a concerning liquidation price of $103,850. Currently, Wynn faces a substantial unrealized loss estimated at around $10 million. This development underscores the volatility and risk inherent in leveraging positions within the cryptocurrency market, a key concern for investors navigating these turbulent waters.