Super whale makes a 180-degree turn! Crazy sell-off of $200 million in Bitcoin, is the dream of $118,000 about to shatter?

As Bitcoin approached its historical high, the big whale suddenly changed its stance. The super trader James Wynn, who once boldly claimed that BTC would rise to $118,000, has now started to cash out, causing a sudden stir in the market.

$830 million trader suddenly changes tune

Wynn had executed one of the largest single Bitcoin transactions in history, amounting to $830 million, and has maintained a clear long position. However, the latest on-chain data shows that he has quietly closed out 2,139 BTC, cashing out about $230 million. Meanwhile, another major player has also opened a high-leverage short position worth $88.36 million.

This series of actions suggests that whales are releasing short-term bearish signals.

Short sellers attack, Bitcoin pressure surges

Recently, Bitcoin has fallen from a high of $108,000 to $106,500, with some short sellers having taken profits near $108,500. Wynn's short position was established at $105,033, with a closing target set at $100,330, indicating a clear strategy.

Nevertheless, Wynn still holds about $600 million in long positions, suggesting that he remains optimistic about the medium to long term, although short-term bearishness has become a consensus.

Open interest reaches all-time high, liquidation risk surges

In the past 24 hours, Bitcoin derivatives open interest skyrocketed to $74 billion, setting a new historical record.

Data shows that at the $108,000 price level, over $1.1 billion in short positions face liquidation. If a short squeeze occurs, it could actually push BTC prices higher.

Institutional buying, market sentiment is complex

Despite the increase in bearish whales, institutional funds are still flowing in. Just on Monday and Tuesday, Bitcoin ETFs bought nearly $1 billion in BTC, and liquidity in the spot market has also significantly increased.

This means that on one side, there is a backlog of high-leverage short positions, while on the other, institutions are steadily accumulating, indicating that the market may enter a phase of intense competition.

Summary: Direction unchanged, rhythm reshuffled

Although Wynn's large cash-out has created panic, he still holds significant long positions, implying that the correction is merely a rhythm adjustment rather than a trend reversal. The market greed index has fallen to 70, indicating that investors are beginning to act more rationally.

Whether Bitcoin can break through historical highs depends on whether whales will continue to sell or take advantage of the correction to add to their positions. The flames of battle have just ignited, and the next wave of turbulence may already be on the way.