Wynn Rebuilds Short After Three Liquidations as ETF Inflows Return

On November 4, the first trading session following the US midterm elections, US spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded net inflows of $74.57 million. Just hours after three of his short positions were liquidated, crypto trader James Wynn placed a bet in the opposite direction.

Not all funds saw inflows. According to SoSoValue data, Fidelity's FBTC attracted $237 million, but the remaining funds collectively saw outflows of approximately $162 million. The same Bitcoin price increase that benefited ETF holders also triggered the closure of Wynn's short positions.

Bitcoin's Recovery Led to Three Liquidations for Wynn

Wynn executes his trades on Hyperliquid, a cryptocurrency exchange where all positions are visible to the public. The instruments he uses are perpetual futures, which allow traders to speculate on price changes using leverage.

With 40x leverage, every dollar of his own capital controls $40 worth of Bitcoin. An adverse price movement of roughly 2.5% can wipe out his position. In that event, the exchange automatically closes the trade, a process known as liquidation.

According to Hyperliquid's records, three such liquidations occurred on November 4. As Bitcoin rebounded from an overnight decline, his short positions were forcibly closed at prices of $78,244, $79,361, and $80,677. These closures resulted in losses of approximately $1,940.

Less than 20 minutes after the final liquidation, he started opening a new short position at approximately $80,430.

“Bitcoin is going a lot lower FYI,” he said.

Can Wynn's $500 Balance Survive Another Liquidation?

On Thursday, blockchain analytics company Arkham drew attention to the trade, highlighting that Wynn had gained $25. The firm also noted that he had once held nearly $100 million before losing it all through high-leverage trading.

James Wynn is up $25 shorting Bitcoin.

James Wynn was once worth almost $100 Million – but lost everything through high-leverage perpetuals trading.

He now has $500 in his account – and he’s up $25 on his latest trade. Can he ever run it back?

— Arkham (@arkham) November 5, 2026

Hyperliquid's records indicate that his account peaked at roughly $84 million. His cumulative result on the platform stands at a loss of approximately $22.08 million.

His present position is approximately 0.24 Bitcoin, valued at around $19,280, with collateral of about $486. Liquidation would occur near $81,375, which is roughly 1.2% above his entry level.

BeInCrypto reported in August that his short positions on the S&P 500 had been liquidated 22 times.

Institutional demand from Wall Street has been inconsistent. On November 3, the date of the US midterm elections, US Bitcoin ETFs saw outflows of $115.56 million. The following day, the pattern shifted, bringing inflows of $74.57 million. At the same time, Ethereum ETFs posted inflows of $53.02 million, breaking a five-day streak of outflows.

The upcoming ETF data releases over the next few sessions will indicate if the buying on that Wednesday was a temporary reversal or the beginning of a sustained trend.