BTC Price Surges Near Liquidation Threshold, Resulting in $2.95 Million Loss for Whale James Wynn

COINOTAG News reports that cryptocurrency markets experienced significant volatility today, particularly surrounding Bitcoin (BTC). At approximately 12:40 PM, on-chain analyst Yu Jin observed that BTC’s price surged close to the liquidation threshold set by prominent trader James Wynn, estimated at $107,000. This momentary spike triggered a liquidation of part of Wynn’s holdings, banking a loss of approximately $2.95 million as his stop-loss strategy was activated.

Currently, James Wynn finds himself reeling from a total portfolio depreciation, having forfeited his once substantial $87 million profit. As it stands, his long position encompasses 4,604 BTC with a staggering leverage of 40x. The total value of this position is around $496 million, with an entry point marked at $108,334 and a looming liquidation price at $106,314. Investors are watching closely as this scenario unfolds amidst heightened market activity.