- Hyperliquid whale James Wynn’s $800M BTC exit triggered a wave of liquidations, yet long-term bullish signals remain strong.
- Despite sharp volatility from Wynn’s selloff, BTC held above $106K as liquidation volume peaked at $4.82B across major exchanges.
- Chartist Gert van Lagen predicts BTC could hit $380K by late 2025, citing a bullish megaphone breakout and Elliott Wave support.
Bitcoin saw a sharp pullback after Hyperliquid whale James Wynn reduced a major long position exceeding $800 million. He executed his exit in $15 million clips, triggering a cascade of selling pressure. This move coincided with a steep rise in short liquidations. According to Coinglass, shorts faced nearly $200 million in forced exits once BTC touched $106,000. Additionally, liquidation volumes surged across Binance, Bybit, and OKX, particularly in the $103,000–$108,000 range. Despite the selloff, bullish long-term indicators remain intact.
Whale Activity Sparks Immediate Volatility
Daan Crypto Trades reported Wynn’s decision to scale out half his position in real time. This rare transparency magnified market attention. Consequently, Bitcoin’s price dipped sharply, sparking major liquidations. The green Cumulative Short Liquidation Leverage line soared, confirming that bears were caught off guard. At the same time, the red line tracking long liquidations declined sharply, showing bulls held their ground. Bybit saw the largest liquidation cluster, peaking around $200 million. This indicates the platform’s traders were heavily leveraged.
Source: Mr. WHALE
Moreover, liquidation activity diminished as prices stabilized above $106,000. Coinglass data showed total liquidations approaching $4.82 billion at peak moments. At press time, $68.93 million remained in active liquidation volume. Besides this volatility, investor sentiment remains focused on long-term trends.
Technical Analysis Hints at a Parabolic Future
Gert van Lagen shared a bullish macro analysis projecting Bitcoin to reach $300,000–$320,000. He highlighted a breakout from a 4-year Bullish Megaphone Pattern. Price has now retested this breakout zone for three months. The chart identifies four step-like bases, with Base 4 established around $75,000. Bitcoin has broken previous resistance, now entering a phase of price discovery.
Source: Gert van Lagen
Moreover, Elliott Wave patterns and historical corrections support the bullish case. A “bear trap” at Base 4 flushed weak hands before upside resumed. Consequently, the next leg higher may be under way. Van Lagen expects a final target near $340,000–$380,000 by late 2025.
