A whale on the Hyperliquid exchange, James Wynn, has been wiped out of $99.1 million for betting against Bitcoin (BTC). Crypto intelligence platform Arkham highlighted the development in a recent update after the leading cryptocurrency registered an uptick in the market.
Bitcoin price rebounds toward key $70,000 resistance
The whale, who previously had $100 million in his portfolio, decided to “short Bitcoin.” This might have been triggered by the asset’s volatility in the market space. Wynn assumed that Bitcoin would continue to lose momentum.
However, the Bitcoin market moved strongly against his bet, with BTC climbing by over 3.4% in the last 24 hours. The leading crypto asset is outperforming the broader market, primarily driven by a derivatives-led squeeze and capital rotation into BTC.
Bitcoin’s uptick has left Wynn with a total loss of $99,100,000, as he has just about $900 remaining in his portfolio. The massive loss emphasizes how the unpredictability of the crypto market could shift in either direction, catching traders who bet short unawares.
Interestingly, prior to the recent uptick, Bitcoin over the past seven days traded below $67,000 most of the time. Each attempt toward the $70,000 level faced rejection repeatedly. This might have given Wynn the confidence to bet against Bitcoin.
Bitcoin has moved from a low of $66,669.53 to a daily peak of $69,527.90. As of this writing, Bitcoin exchanges hands at $69,277.90, which reflects a 3.62% increase in the last 24 hours.
The trading volume has also registered an 83.33% upsurge to $30.69 billion within the same time frame.
It is possible that Bitcoin could retest the $70,000 resistance if market participants sustain the volume momentum. The coin needs to close above $70,000 with high volume for its price to stabilize at this level. Any significant slip in volume could risk Bitcoin crashing to the zone between $66,000 and $67,500.
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Long-term models still point to massive Bitcoin upside
It is unclear what factor contributed to Bitcoin’s volume upsurge in the last 24 hours. However, as Fidelity Investment Director of Macro, Jurrien Timmer, noted, Bitcoin is winning back gold investors.
According to exchange-traded funds (ETFs) flows, investors who dumped BTC after it peaked in October 2025 are starting to return.
Amid this bullish development, projections about the asset’s future price have started to emerge.
As per the Bitcoin logarithmic regression lines, long-term models suggest BTC could soar toward $400,000. However, Bitcoin’s current momentum remains very weak, and it is far from the logarithmic bands of the model.
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