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Bitcoin bull market ‘great validator’ comes as James Wynn loses $100M

by admin May 30, 2025

Key points:

Bitcoin profit-taking is in full swing, but this can end up sustaining the bull market, Santiment research argues.
Coins are spending increasingly less time in wallets, but the market is not suffering from “short-term speculation.”
One whale unable to take profits is Hyperliquid’s James Wynn, liquidated for $99 million.

Bitcoin (BTC) should enjoy continued upside despite hodlers taking profits on their holdings, says new research.

In its latest Biweekly Report on May 29, research firm Santiment stayed bullish on the market outlook as BTC/USD dropped 10%.

Bitcoin profit-taking can “help keep rally alive”

Bitcoin profit-taking need not be a sign that the bull market is nearing its end, Santiment says.

Analyzing the Mean Dollar-Invested Age (MDIA) metric — length of time coins spend in wallets without moving — it revealed that the supply has begun to activate since mid-April.

“During most bull cycles, a falling MDIA (meaning average holding wallets are getting younger) is a great validator that bullish momentum will continue,” it explains.

“More technically, a falling line indicates that old coins are being brought back into circulation, allowing utility to rise and an asset’s network to grow and flourish. Since mid-April, when tensions began to ease over the initial tariff announcements, Bitcoin’s MDIA has been dropping steadily.”Bitcoin MDIA data. Source: Santiment

The average time coins are held in a wallet has decreased modestly over the past six weeks, from 443 to 426 days.

While this signals that their owners seek to lock in profits, Santiment argues that such behavior is “necessary to help keep a rally alive.”

“This adds weight to the argument that the market is in an active phase, and not just being driven by short-term speculation,” it adds.

Hyperliquid whale pays a high price at $105,000

BTC price consolidation saw a return below $105,000 after the May 29 daily close, marking a 10% correction versus its latest all-time highs.

Related: Bitcoin can reach $200K in 2025 after ‘obvious’ price breakout signal

Despite this, sentiment remains conspicuously bullish, with consensus seeing a “healthy” support retest before upside continuation.

#Bitcoin – imagine being bearish on this bullish retest pic.twitter.com/2cyKvmhz8n

— Mags (@thescalpingpro) May 30, 2025

Others note continued large tranches of BTC leaving exchanges, including a 7,000 BTC transaction on May 30, which trader Merlijn attributed to a single whale entity.

Santiment was meanwhile among those commenting on the fate of one whale in particular, Hyperliquid’s James Wynn, whose long BTC position was liquidated for $99 million as the price dropped below the $105,000 mark.

James Wynn trading data (screenshot). Source: HyperDash

“When major longs get liquidated, prices typically move down sharply because the major capital is no longer propping up price,” it warned prior to the event.

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.

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May 30, 2025 0 comments

GameFi Guides

Hyper Liquid Trader Loses $99M as Bitcoin Falls Below $105K

by admin May 30, 2025

Crypto trader James Wynn suffered a massive loss of more than $99 million in just a week, when a 949 BTC long position was liquidated. When the price of Bitcoin fell below $105,000, Wynn’s leveraged bet started to fail quickly.

Wynn had a position worth nearly $178 million using only $3.5 million of his perp equity. He was 100% invested in Bitcoin, showing that he believed in Bitcoin rising. Yet, the market took a different route.

The data reveals that Wynn’s unrealized P&L fell sharply and the red line on the graph shows that there were losses every day from May 23 to May 30. After everything, his account revealed a weekly loss of $99,197,131.51, an unrealized loss of $4.39M and a return on equity of -98.84%.

Over the past 24 hours, Wynn lost another $12.8M as Bitcoin continued to fall. He started with $107,983, but the market brought his price down to $105,995, almost reaching the liquidation point at $104,607.

The recent liquidation of this loan has become a hot topic on crypto Twitter, as many discuss the risks of taking on too much debt in the crypto market. Higher leverage allows traders to gain more, but it can also be very harsh when prices go in the opposite direction.

Wynn’s huge loss could end up being remembered as one of the biggest weekly losses in crypto—showing that risk is always there in the world of leverage.

Also Read: James Wynn’s $1B Bitcoin Short Backfires with $27M Loss

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May 30, 2025 0 comments

NFT Gaming

Crypto Investor Loses $2.5M by Copying Same Scam Address Twice

by admin May 27, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A crypto user has just lost more than $2.5 million in a simple copy-and-paste mistake. They tried to move 843,166 USDT to a safe wallet. Instead, they sent a chunk of it to the wrong address.

Then they did it again—this time sending $1.7 million to the same scammer. It’s a costly reminder that even small slips can erase fortunes.

Copy-Paste Blunder Leads To Million-Dollar Loss

According to on-chain records, the victim first moved $838,611 in USDT to the right address (0x4668D1Fe87444a4d750…). A moment later, they clicked the wrong entry in their transaction history.

That misstep cost them 843,166 USDT at current prices. They tried once more. And again the funds went to the scammer’s account—and another $1.7 million vanished.

Phishing scams remain a big problem. Image: Perkins School For The Blind

History Poisoning Trick Catches Many Off Guard

Based on reports from Scam Sniffer, scammers are using “transaction history poisoning” to pull off these cons. They send tiny “dust” transfers from look-alike addresses—just enough to clutter a wallet’s history.

🚨 Transaction History Poisoning:

1. Scammer sends fake/dust transfer with similar address
2. Their fake address appears in your history
3. You copy address from history thinking it’s legitimate
4. Funds get sent to scammer insteadhttps://t.co/S2lM8J8XWm

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) May 26, 2025

When users scroll back through past transactions, they can’t tell the real address from the bogus one. Copy. Paste. Gone. In this case, the attack address (0x4668EE748c88DA4FEc…) looked almost identical to the real one. And it showed zero balance, adding to the confusion.

Phishing Scams Remain High

April’s phishing losses hit $5.29 million. That’s down 17% from March. But the number of victims climbed 26%, from 5,992 to 7,565 addresses. A single “whale” lost $1.43 million to a phishing signature. Back in March, the biggest haul was $1.82 million.

🚨 ScamSniffer April 2025 Phishing Report

April losses: $5.29M | 7,565 victims
VS March: -17% in losses | +26% in victims

Key insight: Notable spike in victim count despite lower total losses. Largest attack netted $1.43M via phishing, followed by $700K from address poisoning… pic.twitter.com/mJbGgGyGrN

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) May 3, 2025

Total crypto market cap currently at $3.4 trillion. Chart: TradingView

April’s second-largest attack saw one user lose $700,000 after copying the wrong address. Another person sent $150,000 by mistake. And wallet 0xEFc4f1d5 alone lost over $467,000 in a similar copy-paste trap.

New Threats From EIP-7702 Upgrade

On May 24, the phishing gang Inferno Drainer used Ethereum’s new EIP-7702 rules to steal almost $150,000 in one hit. EIP-7702 lets regular accounts act like smart contracts for a moment.

The scammers guided victims to approve a batch of hidden token transfers through a delegated MetaMask setup. One click opened the door for a silent “execute” command that drained the wallets in seconds.

Greed Breeds Risk

Crypto markets are near $3.5 trillion in total value. Bitcoin hit a fresh all-time high of $111,900 on May 22. Traders are chasing big gains. That rush makes urgent moves, and urgent moves invite mistakes.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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May 27, 2025 0 comments

Crypto Trends

Crypto investor loses $2.5M in stablecoins in double phishing scam

by admin May 26, 2025

A single victim has been scammed two times within three hours, losing a total of $2.5 million in stablecoins.

According to data shared on May 26 by crypto compliance firm Cyvers, the victim sent 843,000 worth of USDt (USDT) followed by another 2.6 million USDt around three hours later. Cyvers said the scam used a method known as a zero-value transfer, a sophisticated form of onchain phishing.

Source: Cyvers Alert

Zero-value transfers are an onchain phishing technique that abuses token transfer functions to trick users into sending real funds to attackers. The attackers exploit the token transferFrom function to transfer zero tokens from the victim’s wallet to a spoofed address.

Since the amount transferred is zero, no signature by the victim’s private key is necessary for onchain inclusion. Consequently, the victims will see the outgoing transaction in their history.

The victim may trust this address since it is included in their transaction history, mistaking it as a known or safe recipient. They may then send real funds to the attacker’s address in a future transaction.

In one high-profile case, a scammer using zero transfer phishing attack managed to steal $20 million worth of USDT before getting blacklisted by the stablecoin’s issuer in the summer of 2023.

Related: Hackers using fake Ledger Live app to steal seed phrases and drain crypto

Advanced form of address poisoning

A Zero-value transfer is considered an evolution of address poisoning — a tactic where attackers send small amounts of cryptocurrency from a wallet address that closely resembles a victim’s real address, often with the same starting and ending characters. The goal is to trick the user into accidentally copying and reusing the attacker’s address in future transactions, resulting in lost funds.

The technique exploits how users often rely on partial address matching or clipboard history when sending crypto. Custom addresses with similar starting and ending characters can also be combined with zero-value transfers.

Related: Industry exec sounds alarm on Ledger phishing letter delivered by USPS

Threat growing across blockchains

A January 2025 study found that over 270 million poisoning attempts occurred on BNB Chain and Ethereum between July 1, 2022, and June 30, 2024. Of those, 6,000 attempts were successful, leading to losses over $83 million.

The report follows crypto cybersecurity firm Trugard and onchain trust protocol Webacy announcing an artificial intelligence-based system for detecting crypto wallet address poisoning. The new tool purportedly has a success score of 97%, tested across known attack cases.

Magazine: Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express

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May 26, 2025 0 comments