In late May and early June 2025, the cryptocurrency market experienced a sharp downturn leading to substantial liquidations, particularly among high-leverage traders and whales. James Wynn, a prominent trader known for turning zero into over $100 million, suffered a complete liquidation of his leveraged Bitcoin and PEPE positions on the Hyperliquid platform, resulting in losses exceeding $100 million within 48 hours. Wynn's 40x Bitcoin long and PEPE positions, initially valued at hundreds of millions, were liquidated down to minimal holdings, with his total losses estimated around $17.76 million from recent positions and a cumulative loss of approximately $100 million overall. The market saw over $435 million in liquidations within 24 hours, with major cryptocurrencies like Ethereum ($78 million), Bitcoin ($70 million), Solana ($25 million), and Dogecoin ($14 million) contributing to the sell-off. Nearly 275,000 traders were liquidated during this period, with total liquidations reaching $841 million over 24 hours at one point. Despite the downturn, some whales have begun accumulating Bitcoin aggressively, with notable purchases including $56 million worth of Bitcoin on Binance and increased holdings in Ethereum and other tokens. Additionally, a whale completed a profitable exit from PEPE, selling 2 trillion tokens for a $6.86 million gain after a month-long holding period. The market volatility and liquidations highlight the risks of high-leverage trading amid fluctuating crypto prices, with Bitcoin trading around $104,000 to $105,000 during this period.