James Wynn’s $100M Loss: The Bitcoin Bull Market’s Dark Comedy! 😂💸

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Key points:

  • In the wild west of Bitcoin, profit-taking is like a cowboy’s last ride, but it might just keep the bull market galloping, according to the wise folks at Santiment.

  • Coins are spending less time in wallets than a cat in a dog park, yet the market isn’t crumbling under the weight of “short-term speculation.” Who knew?

  • Meanwhile, one unfortunate whale, Hyperliquid’s James Wynn, took a dive into the deep end, liquidated for a staggering $99 million. Ouch! 💔

Bitcoin (BTC) is set to ride the wave of fortune, even as hodlers cash in their chips, says the latest research. It’s like a game of poker where the stakes just keep rising!

In its latest Biweekly Report on May 29, the research firm Santiment remained as bullish as a rodeo star, even as BTC/USD took a 10% tumble. Hold on to your hats!

Bitcoin profit-taking can “help keep rally alive”

According to Santiment, profit-taking isn’t the grim reaper of the bull market; it’s more like a friendly nudge to keep the party going.

By analyzing the Mean Dollar-Invested Age (MDIA) — which is just a fancy way of saying how long coins sit around doing nothing — they found that the supply has started to wake up since mid-April. It’s like a bear coming out of hibernation!

“During most bull cycles, a falling MDIA (meaning average holding wallets are getting younger) is a great validator that bullish momentum will continue,” they explain. It’s like saying the old folks are finally passing the baton to the spry youngsters.

“More technically, a falling line indicates that old coins are being brought back into circulation, allowing utility to rise and an asset’s network to grow and flourish. Since mid-April, when tensions began to ease over the initial tariff announcements, Bitcoin’s MDIA has been dropping steadily.”

The average time coins are held in a wallet has decreased modestly over the past six weeks, from 443 to 426 days. It’s like watching a slow-motion race where everyone is eager to cash out!

While this signals that their owners are itching to lock in profits, Santiment argues that such behavior is “necessary to help keep a rally alive.” It’s like feeding the fire to keep it burning bright!

“This adds weight to the argument that the market is in an active phase, and not just being driven by short-term speculation,” they add. Who knew the market had such a lively personality?

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. It’s like a rollercoaster ride that just took a dip!

Despite this, sentiment remains conspicuously bullish, with consensus seeing a “healthy” support retest before the next upswing. It’s like everyone’s waiting for the next big wave!

#Bitcoin – imagine being bearish on this bullish retest

— Mags (@thescalpingpro) May 30, 2025

Others note 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. Talk about a big fish in a small pond!

Santiment was meanwhile 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. That’s a whale of a loss!

“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. It’s like pulling the rug out from under a dancing elephant!

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2025-05-30 12:14