based on materials from the site - By CFU
Two major Bitcoin liquidations struck trader James Wynn on July 1, wiping out over $1.3 million. Forced closures occurred as BTC fell below key support, triggering margin calls on high-leverage long positions.
Liquidations reached $106k when BTC fell below
Lookonchain reported in an update that James Wynn was partially liquidated for 4.59 BTC worth $486,000 on July 1. The liquidation followed BTC's drop to $105,812, while Wynn's entry was set at $107,439. With 40x leverage, margin levels collapsed as the price approached the liquidation threshold of $105,503.76.
Just a few minutes later, according to Arkham's report, Wynn faced another liquidation totaling $800,000. These trades closed between $105,812 and $106,113, resulting in a total liquidated volume of over 4.58 BTC. The realized loss from the trades amounted to $7,033.87 in USDC.
The trading terminal and PnL data show significant losses
The Hyperliquid trading panel showed Wynn's long BTC position at $863,973.83 without offsetting short exposure. The entry was $107,439.10, while BTC was trading at $105,865.00, creating an unrealized loss of $12,706.31. The liquidation was just $360 away, marking an ROE drawdown of 58.83%.
His total account equity dropped to $13,847.41, with margin usage at 155.98% in the red. Furthermore, the cumulative PnL was a staggering -$20.5 million. No hedging or risk-reducing tools were active, which amplified the impact during volatility.
Arkham data shows broad wallet activity and DeFi connections
According to Arkham's report, Wynn's wallet associated with Hyperliquid moved over $20,000 in USDC across protocols in three days. Transfers went through Socket Gateway and Hyperliquid Bridge2, with some inflows tracked to relay wallets and a zero address. A fee of $204.66 USDC sent to Coinbase suggested a rollback of fiat funds or settlement.
The Arkham wallet network map displayed hundreds of active connections from Wynn's main wallet. Links to CEX, DeFi contracts, bridges, and smart tools confirmed the presence of a deeply rooted trader. Notable spikes in activity occurred from May to early June, indicating intense cross-chain deployment.
The portfolio shrinks as capital depletes after liquidation
The Arkham dashboard showed that Wynn's portfolio now contains only $4,008.98 across USDC, WSTETH, USDT, and ETH. Previous inflow data for April and May confirmed higher balances that now appear to be withdrawn or lost. Despite Hyperliquid's activity, the impact is now minimal and remains fully directed towards long BTC positions.
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