Crypto liquidations reached $806.44 million in the past 24 hours, wiping out leveraged positions at a scale not seen in weeks.

The liquidation cascade followed a steep drawdown in prices: Bitcoin fell from an opening level of $114,163 to a close near $111,931, with intraday extremes stretching from $114,373 down to $110,802.

Ethereum mirrored this move, sliding from $4,784 to $4,635, with a trading range between $4,798 and $4,621. Both lost more than 2.5% on the day.

Long positions were hit the hardest. Of the $807.44 million total liquidations, $642.45 million came from longs, compared to $162.4 million from shorts. Bitcoin accounted for $267.85 million of the total, while Ethereum was close behind at $263.41 million.

The near parity between BTC and ETH liquidations shows that speculative interest is still concentrated in these two assets, which made up more than two-thirds of all liquidations in the past 24 hours.

Bybit was the epicenter of forced closures, responsible for $304 million in liquidations, 87% of which were long positions. Binance followed with $209 million in liquidations, again skewed toward longs at over 75%. OKX saw $117 million flushed out, while smaller platforms like Gate and HTX contributed tens of millions more.

Interestingly, Bitfinex and Bitmex were the outliers where short positions dominated liquidations. This tells us that exchange-specific positioning can deviate sharply from the general market.

The scale of long liquidations points to the overextension of bullish leverage at elevated price levels. Traders had been building directional bets on continued strength, especially given Ethereum’s new peak over the weekend. But, when Bitcoin failed to sustain above $114,000 and Ethereum slipped below $4,700, cascading margin calls triggered forced sell orders.

This intensified the downside move and reinforced the feedback loop of liquidation-driven selling pressure. The largest single order during this period occurred on OKX, with a BTC-USDT swap liquidation valued at $12.49 million.

The weight of BTC and ETH is clearly seen in the liquidation heatmap. Together, they accounted for over $530 million in forced closures.

Other large-cap tokens like Solana and Dogecoin were hit as well, though at much smaller magnitudes, reflecting their lower share of speculative leverage.

Altcoins with thinner liquidity pools saw pockets of sharp forced selling, but the dominant theme of the day was the structural unwinding of BTC and ETH leverage.

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James Wynn, the notorious high-leverage crypto trader who lost a staggering $100 million earlier this year after betting $1 billion on Bitcoin (BTC) longs, is back in the spotlight. After weeks of silence following his steep trading losses, on-chain data now shows Wynn has returned to trading again—this time placing risky bets on PEPE and BTC. 

Overleveraged Bitcoin Trader Hits Back With 10x PEPE Bet

After vanishing from social media earlier in 2025 and experiencing one of the most dramatic crypto trading collapses, Wynn is making a comeback, and this time, he’s betting big on a volatile meme coin, PEPE. The notorious Bitcoin trader has reportedly resumed trading the perpetual version of PEPE with fresh leveraged exposure on the decentralized derivatives platform Hyperliquid. 

According to blockchain analytics platform Lookonchain, Wynn returned to the market through the same crypto wallet address tied to his previous trades. On-chain data reveals that his latest position involves a 10x long on kPEPE, funded almost entirely by his recently claimed referral reward of 6,792.53 USDC—a striking contrast to the billion-dollar positions he previously commanded.

Updated information from HyperDash reveals that the trader opened a long position of approximately $89,000 on kPEPE. The position is running at 10x leverage, meaning the actual capital backing it is around $8,800, while the exposure exceeds $89,000. Notably, Wynn had bought over 6.8 million kPEPE, betting entirely on the token’s upside. At this leverage level, just a 10% drop in PEPE’s price could entirely wipe out the margin used to back this trade, making this an extremely high-risk move. 

Interestingly, Wynn’s comeback follows his public fallout in May 2025, when his massive $1 billion leveraged BTC longs were liquidated during a price dip below $105,000, resulting in a staggering $100 million (949 BTC) loss. This incident caught the attention of the crypto community, sparking controversy and widespread discussions. Now the Bitcoin trader is facing renewed scrutiny from various crypto community members, with some labeling him a degen trader and others questioning his risk management skills.

Wynn Makes Bold 40X Bet On Bitcoin

Despite accruing massive losses that forced him offline, Wynn is making another extremely high-risk Bitcoin trade, involving a $468,000 position and 40X leverage. In an earlier post, Lookonchain reported that the trader had deposited 468,000 USDC into Hyperliquid and opened a new leveraged long on Bitcoin, with a liquidation price of $115,570. 

Updated data from HyperDash revealed that Wynn has opened a $23.9 million long position on Bitcoin with 40x leverage on Hyperliquid. The position size includes over 202 BTC, and the trader is fully committed to the cryptocurrency’s potential upside movement. 

At 40x leverage, only 2.5% price movement against the trade would be enough to trigger a complete BTC liquidation, wiping out the entire margin backing Wynn’s position. This significantly high-risk strategy leaves no room for error, especially in a market as volatile as Bitcoin.

Featured image from Pixabay, chart from Tradingview.com

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The Bitcoin price has witnessed its fair share of corrections in recent days after reaching a new all-time high last week. The premier cryptocurrency’s latest performance reflects what seems to be an exhaustion of bullish strength, as the general market fell under some downward pressure in May’s final week.

With the ongoing battle between the bulls and bears, there is no clear-cut way to tell what’s next for the Bitcoin price. However, a recent on-chain observation shows increased bullish activity on a popular centralized exchange, which could offer insight into the short-term movement of the market leader.

‘Decreased Bitfinex Longs May Be Good For BTC’s Momentum’ — Alphractal

In a May 30 post on social media platform X, crypto analytics firm Alphractal delved into the relationship between leveraged long positions on crypto exchange Bitfinex and the Bitcoin price direction. This analysis is based on the Bitfinex Long Vs. Short Position metric, which estimates the ratio of buys against the sells of a cryptocurrency (BTC, in this case). 

According to Alphractal, the relationship between BTC’s price trajectory and the leveraged long positions on Bitfinex is inversely proportional. This means that if there are more long positions on the crypto trading platform, the likelihood of a price drop increases. Meanwhile, a decrease in long positions on the exchange could be bullish for the Bitcoin price.

The analytics firm attributed this pattern to the propensity of traders to be wrong about the market’s actual trajectory. According to Alpractal, these wrong price predictions eventually lead to liquidations and forced position closures, which drive the BTC’s price in the opposite direction. 

The chart above shows a decline in long positions and a low volume of short positions | Source: @Alphractal on X

In the recent post on X, Alphractal pointed out that the Bitfinex Long Position is declining, and if this trend is sustained, the premier cryptocurrency could resume its upward run. On the flip side, if the metric were to ascend above its current level, the Bitcoin price could be preparing for a severe pullback. 

Bitcoin Price At A Glance 

As of press time, Bitcoin trades just above $104,100, reflecting a more than 2% decline in the past 24 hours. The flagship cryptocurrency’s performance is even more disappointing on the weekly timeframe, having lost over 4% of its value in the past seven days.

The price of BTC drops beneath the $104,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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As Bitcoin (BTC) experienced a modest dip over the weekend – falling from nearly $112,000 to $106,600 – late longs bore the brunt, with over-leveraged traders facing significant liquidations. In contrast, long-term investors took advantage of the pullback to increase their BTC exposure.

Bitcoin Late Longs Get Wiped Out

According to a recent CryptoQuant Quicktake post by contributor Amr Taha, Bitcoin’s price drop below the key $111,000 level triggered a cascade of liquidations that primarily affected late long positions. In total, the downward move led to approximately $185 million in long position liquidations.

For the uninitiated, Bitcoin late longs refer to leveraged long positions entered into after a price rally, often by traders expecting further short-term gains. These positions are vulnerable to sudden price drops, leading to rapid liquidations when support levels fail.

The first major liquidation cluster occurred around $110,900. Once BTC fell below this level, over $97 million in long positions were wiped out. A second wave of liquidations followed when the price dipped below $109,000, wiping out an additional $88 million in leveraged longs within hours.

While short-term holders (STH) faced heavy losses, long-term holders (LTH) responded differently. Rather than being shaken out, they seized the opportunity to accumulate more Bitcoin.

Taha highlighted that, based on the STH/LTH Net Position Realized Cap chart, the LTH realized capitalization has now exceeded $28 billion for the first time since April 2025. The analyst added:

With the LTH realized cap now surpassing $28 billion, it’s clear that long-term investors are using this period of forced selling to increase their exposure and accumulate more Bitcoin for the long run. This strategic accumulation during moments of market stress reflects the deep conviction of LTHs.

In a separate post on X, noted crypto analyst Titan of Crypto noted that Bitcoin recently achieved its highest weekly close ever. This milestone underscores the strong bullish sentiment shared among long-term investors, who continue to anticipate higher prices.

What Is Working For BTC?

Several market observers have pointed out that the current rally appears more sustainable than previous ones, with fewer signs of euphoria. Analysts argue that Bitcoin’s ongoing upward momentum has not exhibited overheating, suggesting a healthier market structure.

Moreover, technical indicators suggest ambitious price targets for Bitcoin. For example, analyst Gert Van Lagen has projected that BTC could soar as high as $300,000 during this bull cycle.

Institutional interest also remains strong. Strategy CEO Michael Saylor recently hinted at another large Bitcoin purchase, further reinforcing confidence in BTC’s long-term potential. At press time, BTC trades at $109,535, up 1.9% in the past 24 hours.

Featured Image from Unsplash.com, charts from CryptoQuant, X, and TradingView.com

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