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Top cryptocurrency trader James Wynn has suffered a staggering loss after closing $1 billion worth of short positions on Bitcoin (BTC) in less than a day. Details of the trade indicate that the transaction occurred on the decentralized exchange Hyperliquid, where Wynn incurred a $15.86 million loss after closing a short position on Bitcoin, according to the latest on-chain data obtained by Finbold from HyperDash . James Wynn losing Bitcoin short position. Source: HyperDash The loss was recorded on May 25, following the closure of Wynn’s BTC short. He took a $15.53 million hit on the position itself, along with nearly $940,899 in fees, resulting in a net loss of $15.86 million. Notably, after the trade, data shows that Wynn had opened a $1 billion short position using 40x leverage, risking his entire $50 million wallet. This stands as the largest on-chain bet ever placed. The short position was entered at an average price of $107,077. If BTC rises above $110,446...

A cryptocurrency trader has incurred massive losses of over $2 million after holding Ethereum (ETH) for nearly a year. The long-term Ethereum investor capitulated, locking in a staggering $2.6 million loss in a transaction initiated within 30 minutes, according to the latest on-chain data retrieved by Finbold from Arkham Intel on April 16. The unidentified trader initially withdrew 1,160 ETH valued at $4.43 million from the OKX cryptocurrency exchange 11 months ago. At the time, Ethereum was changing hands at $3,816. Crypto trader’s Ethereum transaction. Source: Arkham The ETH was then transferred to a self-custody wallet, suggesting a long-term investment strategy or an anticipation of higher prices. 30 mins of capitulation  However, on April 16, within just 30 minutes, the same wallet sent the full amount of ETH back to OKX in three major deposits, 658.3 ETH, 500 ETH, and 2 ETH, at an average exit price of around $1,580, totaling $1.83 million....

A closely followed analyst who nailed the pre-halving Bitcoin correction last year thinks altcoins are close to igniting big rallies and outperforming BTC. Pseudonymous analyst Rekt Capital tells his 531,500 followers on the social media platform X that the altcoin market is at a stage where it is being overlooked by most traders. But the trader notes that the prevailing bearish sentiment is setting the stage for altcoins to ignite upside bursts, leaving many traders on the sidelines. “February has been a strong month for altcoins in both 2023 and 2024. Could altcoins enjoy a strong February for the third year in a row? If so, then altcoins should be close to their ‘Lowest Hype’ areas before preceding upside over the coming weeks.” Source: Rekt Capital/X Based on the trader’s chart, he seems to suggest that altcoins are presenting prime entry opportunities for investors before alts top out in April. Looking at Solana, the trader ...

A widely followed analyst and trader is leaning bullish on a memecoin built in the Solana (SOL) ecosystem while offering his insights on two other crypto assets. The analyst pseudonymously known as Sherpa tells his 228,800 followers on the social media platform X that he is “still highly bullish” on Goatseus Maximus (GOAT). Sherpa says he thinks GOAT could reach a market cap of $1 billion, a gain of over 85% from its current valuation of $539 million. But prior to any rallies, the trader sees the memecoin correcting to the $0.47 level. “As I stated before, I believe on-chain takes a breather after the crazy run up and more attention will be to CEX (centralized exchange) coins.”  Source: Altcoin Sherpa/X GOAT is trading at $0.552 at time of writing, up by 1,168% from the October 13th low of around $0.0435. Next up is Bitcoin (BTC), which the analyst believes is headed to a new all-time high “within the next few months.” The pseudonymous ...

A closely followed crypto analyst and trader believes that Bitcoin (BTC) has more gas left in the tank despite its latest surge. Pseudonymous analyst Altcoin Sherpa tells his 224,900 followers on the social media platform X that he’s bullish on Bitcoin after reclaiming support at around $60,000. According to the trader, he expects the latest surge to take Bitcoin close to $70,000. “BTC time for $68,000+. Liquidity got taken out below that recent wick low, let’s see if we can get the highs. After that? no clue. But still bullish until shown otherwise.” Source: Altcoin Sherpa/X At time of writing, Bitcoin is trading for $65,942, up over 5% on the day. Looking at the native asset of the Artificial Superintelligence Alliance (FET), the analyst says that while he’s bullish on the altcoin, he thinks it will likely trade sideways in the coming days. “FET pretty neutral price action, wouldn’t be surprised to see this chill o...

Considering the lucrative opportunities offered by the cryptocurrency trading environment, it comes as no surprise that carefully timed trades can bring a lot of profit to a wise investor, as evident in the recent example of a crypto trader making a whopping $15 million . As it happens, this particular investor has recent ly sold 540 Wrapped Bitcoin (WBTC) at the price of $54,853 in the past two days, making approximately $15.5 million on the sale, according to the data shared by the blockchain analytics platform Lookonchain in an X post on August 7. Whale’s recent transactions. Source: Lookonchain Indeed, during the initial purchase, this crypto trader bought 721 WBTC at the price of $26,191 per WBTC, or around $18.88 million, between August 21 and August 25, 2023. Nearly one year later, the whale sold 540 WBTC for a $15.5 million profit, effectively turning $18.88 million into $29.6 million. Pic...

Bitcoin is still preparing for a BTC price "parabolic advance" with a popular metric laying the foundations, says Credible Crypto. Bitcoin (BTC) has not yet seen the majority of its gains this cycle, one popular trader believes. In a tweet on Aug. 3, Credible Crypto doubled down on his bullish BTC price thesis. Credible Crypto: Bitcoin still to see "biggest upside moves" After over a month of acting within a tight trading range, trader s’ patience with Bitcoin is wearing thin. Amid expectations that BTC price will test levels closer to $25,000 or even lower, Credible Crypto is one of those arguing the opposite. Analyzing data including Bitcoin market cap dominance and its relative strength index (RSI), he concluded that conditions had been reset . “Biggest upside moves on BTC are YET TO COME,” he summarized. “A month of sideways action on BTC and dominance has simply made a higher low. H12 bullish div confirmed, RSI on higher TF looks reset, maintaining above the ...

BTC price action returns to the $17,500 mark for the first time in almost a month, but traders refuse to flip bullish. Bitcoin (BTC) staged a brief but promising return to $17,500 overnight on Jan. 11 as newfound strength lingered. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Bitcoin fails to win over skeptical traders Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting new local highs of $17,504 on Bitstamp. Almost tying with the peak from Dec. 16, the pair displayed rare upside momentum against a backdrop of some of the lowest volatility ever seen over the holiday season. Now, traders and analysts anticipate an erratic reaction to upcoming macroeconomic data from the United States. Due Jan. 12, the Consumer Price Index (CPI) print is expected to bolster the narrative that inflation is waning, offering a potential window of opportunity for risk assets. Nonetheless, many voices urged caution, with signs of fundamental price support still lacking. ...