US spot Bitcoin (BTC) exchange-traded funds (ETFs) took in $74.57 million on November 4, the first trading day after the US midterm elections. Crypto trader James Wynn bet the other way, hours after three of his bearish bets were forcibly closed.
The buying was not one-sided. Fidelity’s FBTC drew $237 million, while the other funds together lost about $162 million, according to SoSoValue figures. Bitcoin’s climb that day lifted ETF holders and forced Wynn out of his shorts.
How Bitcoin’s Rebound Wiped Out Wynn 3 Times
Wynn trades on Hyperliquid, a crypto exchange where every position is public. He uses perpetual futures, contracts that let traders bet on price moves with borrowed money.
At 40x leverage, each $1 of his own money controls $40 of Bitcoin. A move of about 2.5% against him can erase his stake. The exchange then closes the bet automatically, a step called liquidation.
Hyperliquid records show that happened three times on November 4. His shorts were closed at $78,244, $79,361, and $80,677 as Bitcoin recovered from an overnight Bitcoin drop. The closures cost him about $1,940.
Within 20 minutes of the last one, he began rebuilding a short near $80,430.
“Bitcoin is going a lot lower FYI,” he said.
How Close Is Wynn’s $500 Account to Another Wipeout?
Blockchain analytics firm Arkham flagged the trade on Thursday, noting Wynn was up $25. The firm said he was once worth almost $100 million before losing it through high-leverage trading.
Hyperliquid data puts his account’s peak at about $84 million. His all-time result on the exchange is a loss of about $22.08 million.
His current bet is about 0.24 Bitcoin, worth roughly $19,280, backed by about $486. It would be liquidated near $81,375, roughly 1.2% above his entry price.
In August, BeInCrypto reported his S&P 500 short liquidations had reached 22.
Wall Street’s own demand has been uneven. US Bitcoin ETFs lost $115.56 million on November 3, the day of the US midterm elections. The next day, the trend reversed, with inflows reaching $74.57 million. Meanwhile, Ethereum ETFs added $53.02 million, ending five straight days of outflows.
The next few sessions of ETF data will show whether Wednesday’s buying was a one-day reversal or the start of a run.
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