Today, the news of James Wynn's liquidation has gone viral.
40x leverage, holding $1 billion, a sudden explosion on-chain, and the liquidation price is clearly defined. The market is not playing around; it goes straight to liquidation. More surreal is that this guy came out in the afternoon to say, '80 million is nothing to mention.' Honestly, with this tone in the crypto market now, it's not far from being non-survivable.
Do you think this is just gossip? No, this is a complete record of violent capital flow on-chain. With this guy blowing up, Hyperliquid became the core of today’s traffic. Where there are liquidations, there must be funds coming to the table. Early in the morning, addresses were seen on Hyper using 3x leverage to hit PEPE, causing violent short-term fluctuations, with $3.37 million USDC directly staked. This is not retail; this is a professional team making a move, their techniques so familiar, it's like a throwback to the BitMEX old days.
More importantly, this is not an isolated incident. In the past 72 hours, the frequency of large transactions on Hyperliquid has significantly increased. Today, there are addresses heavily investing in SOL and ETH to go long, and some active buying behavior can also be seen on the ETH spot chain. What does this indicate? Some are creating a script, while others understand the script and are following the trend. Exchange + Meme coins + high leverage, this formula is too familiar. The last time this happened was before the Dogecoin surge in 2021.
Today, the overall market sentiment is actually leaning towards volatility, but funds are not idle. BTC is moving sideways, while ETH is sneaking ahead. The ETH/BTC trend has been stronger than the overall market for several days; this is typical of 'the main line has not yet been established, but smart money is positioning itself early.' The on-chain ETH holdings are decreasing, indicating that chips are moving, while trading volume has not significantly increased, meaning there is no FOMO yet, but someone is already making a strong play.
On the Meme side, after the PEPE sentiment was stirred up, funds quickly spread to the Solana ecosystem. Several new Meme coins in the Solana system performed quite strongly today, especially those tagged with 'Sol Incubator.' KOL calls combined with liquidity injections created a script that directly drove up prices. Pay attention to the interaction frequency and transfer frequency on the Solana chain, which have clearly warmed up. This is not a quant robot brushing transactions; people have arrived.
Take another look at higher-dimensional information: on the stablecoin side, USDC has shown some movement today.
As soon as the IPO news from Circle came out, there was a reaction in the US stock market pre-market. The market capitalization of USDC increased slightly during the day, and the borrowing volume of USDC on Aave and Compound saw a slight rise. The narrative has shifted back to the logic of 'stablecoins becoming US stock-like'; after this round of improvement in the US stock market, this topic is likely to continue to ferment.
The exchange sector also started heating up today. The capital flow on OKX and Bitget has begun to increase, especially on Bitget, where behind the small rally of platform tokens, some on-chain wallets have started to re-deposit funds. This is not retail behavior; this is capital accustomed to observing sector rotations beginning to lay out. Don’t be fooled by the low spot trading volume; on-chain, some people have already taken their seats.
To summarize today’s market: Bitcoin is volatile, Ethereum is strengthening, PEPE is igniting, Solana Meme rotation, USDC narrative revival, Hyperliquid is becoming a hotspot, and the exchange sector is quietly heating up. If you ask if this is the main surge? Not yet. But it is very close to the rhythm at the end of a bullish market continuation—beginning to preview a structural frenzy amidst the fluctuations.
Many people might still be asking, can we still get on board now? In fact, this is not a question of whether to get on board, but whether you have positioned yourself on the main line of the market. If you are still stubbornly holding onto those worthless chips that the whales have abandoned, then you have already missed the moment when the main characters changed their lines.
The market has never lacked explosive points; it only lacks people who can understand the significance of these points.
James Wynn's $80 million profit has all been wiped out. This is not the end of today, but rather the starting point for some kind of turning point. Meme coins are not just random speculation; they are tools for funds to test market pressure and liquidity. Exchanges are not supporting roles; they are the core scene of the next round of wealth narratives. Solana is not past its peak; it is preparing to be the narrative bearer for the next round of concentrated explosions. Ethereum is not unwanted; it is secretly stepping back into the spotlight.
Remember one thing: the index is fake, the on-chain data is honest.
Where the funds go, who is exploding, who is driving the prices, everything is clearly written on-chain. The current market is this subtle: liquidations and new entries coexist at the same time; one game has ended, while another game quietly begins. And you, are standing at the doorway of it all.
On the eve of the Bitcoin long-short challenge, when the opportunity arises again, don’t miss it.
BTC: Bitcoin briefly returned to the $110,000 position, then the market slightly corrected. Currently, the overall trend remains in a high consolidation. The on-chain data for Bitcoin is also relatively stable. If there are no positive shocks in the short term and the off-market funds are active, using sideways movement instead of a decline is also an option. In short, the game at this position is relatively not cost-effective. The current bottom trend is 105,000 points, and the reversal position at the upper end is between 115,000 and 120,000 points. The daily line must at least stabilize above 120,000 points to form a daily reversal. Continue to pay attention to the situation of high and low points.
ETH: Ethereum has broken through $2720 for the third time structurally. The trend is indeed contrary to Bitcoin; Bitcoin's technical outlook is bearish, while Ethereum looks for a breakout. In other words, as long as Bitcoin holds this position, the probability of Ethereum receiving a funding relay is very high. In terms of operation, if Ethereum chooses to break through at this position, it will continue to slightly increase its position while keeping prior positions unchanged, focusing on the daily structure.
Excluding Ethereum series-related L2s, you can pay attention to ENA, ENS, NEIRO, etc. If Ethereum can hold this key daily position, related concepts will likely see a surge. Most other altcoins are still in the bottom phase, and there are quite a few new coins coming out; it's time to give up the fantasy on some worthless old altcoins. Sustained results come from necessary trade-offs and well-planned layouts.
Other issues can be discussed in the comments section.
The fear and greed index is at 74 today.