Bitcoin trader swaps $1.25B long for short as BTC price slides under $108K

Key points:

• Bitcoin is heading further away from its latest all-time highs as US trade tariffs dictate the mood.

• Traders are unfazed, arguing that BTC price action can retest even lower levels while maintaining its bull run.

• Hyperliquid trader James Wynn goes short BTC after closing a long worth $1.25 billion.

Bitcoin (BTC) failed to maintain $108,000 into the May 25 weekly close as price action struggled to shake off new US trade war woes.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying near multiday lows.

After snap losses accompanied comments by US President Donald Trump over 50% tariffs on goods from the EU, crypto immediately felt the heat, and $112,000 remained Bitcoin’s latest all-time high.

Further episodes, this time involving goods from specific tech giants, continued the impact, leading market participants to complain about Trump’s hold over volatility.

“More hot air from the Manipulator in Chief,” Keith Alan, co-founder of trading resource Material Indicators, wrote in part of a response on X.

Alan nonetheless had good news for Bitcoin bulls, arguing that price had more room to retest support without extinguishing the broader uptrend.

“The MACRO trend line and 2 key Moving Averages on the Bitcoin Daily chart currently have confluence with the Yearly Open,” he noted, referring to the BTC/USD 2025 opening level at around $93,500. 

Popular trader Crypto Tony held a similar view, suggesting that even another $4,000 drop from current levels by the weekly close would be acceptable.

$BTC / $USD - Update

A close above $108,000 this week would be perfect, but a close above $104,000 is equally as ok as we clear the resistance zone pic.twitter.com/f1jYRouinj

Fellow trader Merlijn eyed a classic short-term BTC price magnet in the form of a new “gap” on CME Group’s Bitcoin futures.

“$BTC just left a fresh CME Gap at $107,230,” he showed on the day. 

In a move that quickly caught the attention of market observers, meanwhile, one large-volume trader suddenly flipped short on BTC this weekend.

Related: Bitcoin 'looks exhausted' as next bear market yields $69K target

As Cointelegraph reported, Hyperliquid trader James Wynn had previously opened a $125 billion long position but began losing money over the Trump volatility.

As noted by research firm Lookonchain, not only had Wynn closed his long but had replaced it with a new short position worth around $110 million.

Top trader @JamesWynnReal has flipped bearish on $BTC, switching from long to short.

He opened a $BTC short position of 1,038.7 $BTC($111.8M) at $107,711.1 an hour ago, with a liquidation price of $149,100.https://t.co/BMeuztgBNE pic.twitter.com/uLypq5kLTj

“That's a lot of trading for an illiquid choppy weekend,” trader Daan Crypto Trades wrote while reacting to the switch on X. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.