Bitcoin price rebound to $110,000 wipes out a $1 billion short on Hyperliquid

Bitcoin saw a mild bounce during early trading in Asia, rising 3% to briefly touch $110,256 before settling at $109,652, CryptoSlate data showed. This uptick followed a weekend pullback from recent record highs.

Market analysts suggest that BTC’s price trajectory remains solid, backed by favorable regulatory developments and steady institutional participation.

Valentin Fournier, Lead Analyst at Blockhead, told CryptoSlate:

“The rebound shows the current market’s dependence on institutional and corporate flows. Without them, short-term rallies are at risk of losing momentum.”

However, while the broader market shows signs of resilience, the rebound triggered significant liquidation activity.

One high-stakes trader on decentralized platform Hyperliquid was forced to exit a $1 billion short position, illustrating the volatility-driven risks tied to extreme leverage.

High-stakes Bitcoin bet on Hyperliquid

Over the weekend, crypto trader James Wynn became the center of attention after placing two consecutive billion-dollar bets on Bitcoin.

On May 24, he opened a long position worth roughly $1.25 billion, using 40x leverage and expecting the price to surge to between $118,000 and $121,000.

However, that bullish bet was short-lived. He closed the trade at a $13 million loss and pivoted to a bearish short position of equal size in less than 24 hours.

But BTC’s price rebound also left that bearish trade underwater, costing him another $15.87 million in just 15 hours.

Despite the back-to-back losses, Wynn remains profitable overall.

Blockchain analysis platform Lookonchain reported that the trader withdrew $28 million USDC from Hyperliquid and ended the weekend with a net profit of $25.2 million.

Over the past 75 days, he has completed 38 trades on the platform, winning 17 of them and contributing $2.31 million in trading fees to Hyperliquid.

Meanwhile, Wynn is back in the game as of press time. Lookonchain reported that he has reopened a 40x long position worth $75.34 million (684 BTC), with a liquidation price of $103,120.

He also entered a $20 million long on memecoin PEPE at 10x leverage. As of his latest update, the position shows an unrealized gain of about $434,867.

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