TL;DR:
The well-known trader James Wynn lost $99.1 million on Hyperliquid after shorting Bitcoin at a moment when the asset posted a sharp rebound. Wynn had been operating with a portfolio of more than $100 million, but his position was nearly entirely liquidated, leaving just around $900 remaining in his account.
The context behind Wynn’s bet carried a certain logic: during the seven days prior to the rebound, Bitcoin traded mostly below $67,000 and every attempt to approach the $70,000 zone was consistently rejected. That sustained resistance dynamic may have given the trader the conviction that BTC would continue losing momentum.
However, the market moved in the opposite direction to what the trader had predicted. Bitcoin surged more than 3.62% in 24 hours, rising from a low of $66,669 to a daily peak of $69,527. Trading volume also jumped, recording an 83.33% increase and reaching $30.69 billion over the same period. According to available data, this rally was driven primarily by a derivatives squeeze and a capital rotation into BTC.
According to Jurrien Timmer, Director of Macro at Fidelity Investments, Bitcoin is winning back investors who historically favored gold. ETF flows point in that direction: those who abandoned BTC after its October 2025 peak appear to have begun returning.
Some long-term logarithmic regression models point to a potential price of $400,000 for Bitcoin. However, the analysis itself warns that the asset’s current momentum remains weak and that it is far from the model’s upper bands.
To consolidate the current level, Bitcoin would need to close above $70,000 with sustained volume. A drop in activity could pull the price back toward the support zone between $66,000 and $67,500.
