A surge in Bitcoin’s price above $105,000 triggered widespread liquidations of short positions. Notable trader James Wynn faced over a dozen liquidations within 24 hours despite his long-standing bearish stance and continued heavy leveraged bets against Bitcoin. Hyperliquid platform data suggests many high-net worth investors also maintain significant short exposure to the cryptocurrency, suggesting a more nuanced market sentiment. The dramatic price jump caught traders off guard and triggered massive liquidation cascades across various platforms. Despite this setback, Wynn doubled down on his bearish position, holding substantial shorts. He’s betting on Bitcoin’s recovery being temporary. While some see the U.S. government shutdown ending as bullish, institutional investors remain cautious, wary of short-lived rallies in an overbought market.