On June 23, 2026, as Bitcoin hovered around $64,000, two unknown whale addresses, 0x50b...f20 and 0x7c4...00b, simultaneously entered the derivatives market. According to single-source information, they collectively opened long positions of 2,754 BTC, with a nominal scale of about $175 million: the former bought 1,654 BTC at around $64,130, with a liquidation price of $59,076; the latter bought 1,100 BTC at about $64,508, with a liquidation price of $61,723. The overall liquidation range of these positions was about 5%-8% lower than the opening price, providing a certain buffer for this heavy long position. On the same day, well-known trader James Wynn continued to hold his 40x leveraged Bitcoin short position in the same price range but was met with another partial liquidation. Similar passive reductions had occurred multiple times before, indicating that around $64,000, high-leverage shorts were frequently being "targeted" by price fluctuations. As whales patiently built a long defense line at this position, aggressive shorts were being forced to stop-loss in the same price range, turning the divergence between longs and shorts, along with the price struggle, into something concrete pressing against the watershed at approximately $64,000.
2,754 BTC betting near $64,000: Whale order details
According to single-source disclosure, address 0x50b...f20 bought 1,654 BTC in the derivatives market at once, with a nominal value of about $105 million, at an opening price of around $64,130, with a corresponding liquidation price pressured further down at around $59,076. Based on the latest data provided, this position currently shows an unrealized loss of about $500,000, with the price having slightly deviated from the entry point, but there remains a margin buffer of several percentage points before it is truly liquidated, which means that the holder reserved an acceptable retracement space at least from the beginning of the position building.
In correspondence, address 0x7c4...00b also opened a long position of 1,100 BTC at a nearby price on the same day, with a nominal scale of about $70.2 million, at an opening price of approximately $64,508 and a liquidation price of about $61,723, currently showing an unrealized loss of approximately $750,000. Combining both positions, there is a total of 2,754 BTC and approximately $175 million in long exposure, with chips densely positioned around $64,000, and the liquidation prices overall being about 5%-8% lower than the opening prices. Compared to the small-scale high-leverage shorts typical of ordinary traders, this method of placing orders at the level of over $100 million, while reserving several percentage points of error tolerance for price fluctuations, is closer to what the market typically understands as a mid-term bullish bet, essentially using real capital to provide a "support layer" for the $64,000 level.
40x Shorts repeatedly liquidated: The backlash of high leverage
In contrast to the whale longs that used a 5%-8% downside buffer to "protect the market," well-known trader James Wynn chose an almost opposite route by shorting Bitcoin with approximately 40 times leverage. According to the briefing, he had previously established similar high-leverage short positions multiple times and had already gone through liquidations or partial liquidations. On June 23, 2026, the day Bitcoin fluctuated around $64,000, his 40x short was partially liquidated again, with unrealized losses almost hitting in real-time.
The meaning of 40 times leverage is direct: as soon as the price experiences a relatively limited opposite fluctuation, it can trigger liquidation. In such a fluctuating market that pulls up and down, the risk is magnified exponentially. The whale longs choose to reserve a few percentage points of volatility space for their positions, attempting to weather short-term noise; James Wynn, on the other hand, compresses the safety margin to an extremely thin layer, trading extreme directional bets for short-term profit potential. Standing on the same price sea near $64,000, one side is the whale longs that can tolerate a few thousand dollars in drawdown, while the other side is the high-leverage shorts repeatedly getting partially liquidated; the radically opposite risk preferences and holding styles are pulling the divergence between longs and shorts in this range to extremes.
Two bets on the same K-line: Who is hedging whom?
Looking at the K-line near $64,000, the whales and James Wynn are making two nearly opposite bets. The two whales combined took long positions of 2,754 BTC, with liquidation prices overall being about 5%-8% lower than the opening prices: 0x50b...f20 entered around $64,130, with a liquidation price of $59,076; 0x7c4...00b built a position near $64,508, with a liquidation price of $61,723. This means that even if the price first moves downward by a few thousand dollars, their longs still have some retracement space, making the positions closer to medium-term bullish bets that "trade size for time." In contrast, James Wynn's 40x short could trigger partial liquidations with just a slight reverse price movement in the same interval, compressing the acceptable fluctuation space to an extremely thin margin, with each oscillation potentially directly reflected in the unrealized losses.
On-chain, what we see is the direction and price level: who chose to go long near $64,000, and who chose to short with high leverage in the same bandwidth; what can be quantified is the distance between the liquidation price and the opening price, as well as the risk tolerance range reflected by it. However, it is still unclear whether these two whales are institutions, funds, or miners, and whether James Wynn has hedged off-chain or in other instruments. Existing information does not provide answers or allow us to infer who the real "smart money" is. In the same price range, one end has robust long positions with thousands of BTC elasticity, while the other end has extreme shorts being dragged by multiple partial liquidations; this parallel existence of massive longs and aggressive shorts essentially reflects not a unified consensus from one side, but a deep fracture in market expectations at critical price points.
The defense line drawn by the liquidation price: How long can the whales hold out?
From the position structure, these two long positions are not "bottomless pit" types of anti-fall chips but are clearly framed leveraged bets bounded by liquidation prices. Address 0x50b...f20's long position of 1,654 BTC is built around the $64,130 line, with a liquidation price at $59,076; according to the briefing analysis, the price difference is about 7%-8%. Address 0x7c4...00b's long position of 1,100 BTC is built around $64,508, with a liquidation price of $61,723, corresponding to about 4%-5% of retracement space. Overall, these two positions still have a buffer within the 5%-8% downside price range, but the buffer is limited, and once completely exhausted, the liquidation mechanism will take over everything.
If Bitcoin continues to fall from the current level of about $64,000, the market will likely first focus on the "warning line" of $61,723 from address 0x7c4...00b; further down is the "life and death line" of $59,076 from address 0x50b...f20. If the price approaches these ranges, even without triggering liquidation, discussions and concerns about the safety of whale longs will quickly escalate, as this means that even thousands of BTC-sized chips are forced to face the same risk boundary. There is currently no public information showing whether the two addresses have closed positions, added to positions, or adjusted leverage. In this uncertainty, the liquidation price itself becomes the most transparent coordinate: it reminds everyone that even whales, as long as they choose leverage, their limits of tolerance are written in those few strings of numbers on the chain.
The tug-of-war in a fluctuating market: What to watch next
According to AiCoin data, Bitcoin is still fluctuating around $64,000, with one side having the combined whale longs of 2,754 BTC and approximately $175 million in nominal scale, and liquidation prices pressured at $59,076 and $61,723, providing about 5%-8% of buffers for the longs. On the other side, represented by James Wynn, are the 40x high-leverage shorts that have been partially liquidated multiple times in the same range; the divergence between longs and shorts has already been reflected in the position structure written on the chain. What truly deserves attention next is not the emotions but the path: first, to see if these two whale long positions are passively liquidated or forced to add margin as they approach the liquidation range, or choose to continue increasing their positions, solidifying mid-to-long-term bullish signals; second, to see if James Wynn remains persistent in high-leverage shorts, continuing to gamble in short-term fluctuations, or actively exits and reduces leverage, treating this liquidation as a turning point. For ordinary participants, at this stage where this divergence between longs and shorts is magnified on-chain, it is crucial to remain alert to the leverage multiples in your own accounts—whales' stop-loss is set at $59,076 and $61,723; those are their risk coordinates, not replicable "reference answers." What genuinely needs to be repeatedly confirmed is how much reverse fluctuation you can endure without being passively forced out.
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