Bitcoin $BTC bull market 'great validator' comes as James Wynn loses $100M
Bitcoin is seeing increasing profit-taking, new research confirms, while Hyperliquid’s Wynn joined those liquidated during the latest 10% BTC price retreat.
Bitcoin
$104,321
should enjoy continued upside despite hodlers taking profits on their holdings, new research said.
In its latest Biweekly Report on May 29, research firm Santiment stayed bullish on the market outlook as BTC/USD dropped 10%.
Hyperliquid whale pays a high price at $105,000
BTC price consolidation saw a return below $105,000 after the May 29 daily close, marking a 10% correction versus its latest all-time highs.
Related: Bitcoin can reach $200K in 2025 after‘'obviou” price breakout signal
Despite this, sentiment remains conspicuously bullish, with consensus seeing a “healthy” support retest before upside continuation.
Others noted continued large tranches of BTC leaving exchanges, including a 7,000 BTC transaction on May 30, which trader Merlijn attributed to a single whale entity.
Santiment was among those commenting on the fate of one whale in particular, Hyperliquid’s James Wynn, whose long BTC position was liquidated for $99 million as the price dropped below the $105,000 mark.
When major longs get liquidated, prices typically move down sharply because the major capital is no longer propping up price,” it warned prior to the event.
