PEPE Trader James Wynn Faces Double Liquidation as Market-Wide Decline Deepens

The sharp drop in crypto prices triggered another liquidation for PEPE trader James Wynn. It was his second loss in just two days.

Lookonchain reported that Wynn had opened a 10× long on PEPE after being wiped out in the initial market dip. As prices kept falling, his position faced partial liquidation again. Only 39.2 million PEPE—worth $271,000—remained.

Whales Losing Big on Hyperliquid as Crypto Price Declines; PEPE Down 12%

James Wynn has now lost more than $120 million to crypto liquidations this year. Wynn, once known for his high-leverage wins on Bitcoin and memecoins, has struggled to stay profitable in recent months.

His latest liquidation followed a sharp drop in PEPE’s price. The memecoin fell almost 12% today, extending a 30% weekly loss and a 67% decline year-to-date.

Lookonchain reported that Wynn’s liquidation reflects broader losses among large traders. Another whale, known as Machibigbrother, lost more than $53 million on Hyperliquid. The data highlights how leveraged traders continue to absorb heavy losses as volatility increases.

A third whale, wallet 0xc2a3, also faces mounting losses on Bitcoin and Ethereum longs. The trader opened leveraged positions of 1,260 BTC worth $132.5 million and 19,894 ETH worth $74.44 million. Despite not being fully liquidated, the wallet is now down about $10 million.

The trader previously made $5.5 million when the market rebounded but lost those gains as prices fell again. Despite the setback, they continue adding to their long positions even after earning profits from shorting earlier moves.

These whale losses mirror wider market trends. Data from Coinglass shows more than $1 billion in crypto positions were liquidated in the past 24 hours. Long positions accounted for $839 million of that total, while short positions lost $249 million.

Hyperliquid and Bybit recorded the most liquidations, at $352 million and $266 million respectively. Binance followed with $248 million, though its figures may be higher since the exchange underreports liquidation data.

The data underscores the ongoing risk in leveraged trading, where rapid price swings continue to wipe out bullish traders.

Bitcoin Drops Below $105,000 as Altcoins Shed Gains

Meanwhile, the massive decline in the value of major cryptocurrency assets, led by Bitcoin, is responsible for the liquidation events. Over the past 24 hours, BTC has declined by almost 6%, while ETH, XRP, SOL, and BNB have fallen by 7%, 8%, and 12%, respectively.

With major cap tokens experiencing declines, other altcoins have also seen significant drops. CoinMarketCap data shows that the Altcoin Season Index has now dropped to 27/100, indicating the depth of the market-wide decline.

The recent decline, which has seen Bitcoin fall below $104,000 for the first time since June, is due mostly to macroeconomic factors. Fears of another trade war between the US and China, sparked by President Donald Trump’s recent comments, have been spooking the market.

There are now concerns that Bitcoin could drop below $100,000, which would mark its first time below that level since May 2025. The Crypto Fear and Greed Index is currently at 28, indicating Fear, and appears poised to drop into Extreme Fear.