This week saw Grayscale’s attorneys challenging the US Securities and Exchange Commission’s (SEC) postponement of its Digital Large Cap exchange-traded fund (ETF) proposal. The SEC’s Office of the Secretary halted the initially approved proposal for further review, a move Grayscale’s attorneys argue is a violation of the SEC’s set “approval or disapproval deadline” and established procedure.

Binance made headlines as it was revealed to have played a significant role in creating the code behind the World Liberty Financial’s (WLF) USD1 stablecoin. The crypto venture, backed by US President Donald Trump and his three sons, launched USD1 on March 4.

Longtime Bitcoin skeptic and gold proponent, Peter Schiff advised investors to use the recent BTC rally as an opportunity to sell Bitcoin and invest in silver. Schiff believes that silver offers more potential for growth compared to Bitcoin, which he claimed “can easily crash”.

Arthur Hayes, co-founder and ex-CEO of BitMEX, made a bearish market prediction due to the US Treasury General Account being replenished through debt issuance, which could lead to a temporary liquidity drain.

High-leverage trader James Wynn deactivated his social media account, following substantial losses. His wallets show a combined balance of just $10,176.

Iconic American rapper Snoop Dogg’s collection of nearly a million non-fungible tokens (NFTs) sold out on Telegram in just 30 minutes, signaling a potential resurgence in the NFT industry.

As the week rounds off, Bitcoin (BTC) stands at $117,967, Ether (ETH) at $2,962, and XRP at $2.78. The total market cap is at $3.68 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, MemeCore (M), Stellar (XLM), and Story (IP) are the top three altcoin gainers of the week. The top three altcoin losers of the week are Jito (JTO), OKB (OKB), and Pi (PI).

Bitcoin analyst apsk32 predicts a possible Christmas rally for Bitcoin, reaching $200K or $300K based on the ‘power law’ model.

Finally, the crypto world saw its share of controversies. A Chinese creditor filed an objection to FTX’s motion to halt payouts in restricted countries. Bitzlato co-founder pleads for US pardon after pleading guilty in 2023. France opens a criminal investigation into X for alleged algorithmic manipulation.

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An analytics firm specializing in cryptocurrency, Santiment, recently reported a sharp turn towards negativity in retail sentiment, reaching a low unseen since the beginning of April. This mirrors the situation in April, just prior to a Bitcoin bounce-back, indicating that the surge in bearish commentary could be a harbinger of a rebound. Concurrently, the Federal Reserve’s steady rates have left Bitcoin oscillating between $100K and $110K. Interestingly, on-chain data suggests that while traders are retreating, whales are in the accumulation phase.

Currently, the crypto market seems to be going through a slow correction phase. While Bitcoin has been trapped between $100K and $107K, altcoins have been on a downward trend since December. Ethereum too is wrestling to cross the $3,000 mark, and the overall decline in trading volume indicates that retail investors are temporarily opting out.

Despite all this, there have been no significant crashes or adverse events. This appears to be a standard cooling-off period within a broader uptrend, much akin to the events of 2017 and 2021. These phases often occur post major rallies and could continue for a few months.

Looking forward, a silver lining may be in sight. The Federal Reserve might cut rates in September – a scenario that CME FedWatch believes has a 71.8% probability. This could stimulate the crypto markets, and even the mere speculation of rate cuts could invigorate sentiment and breathe life into risk assets.

Raoul Pal, CEO of Real Vision, draws parallels between the current crypto market and that of 2017, when Bitcoin gradually grew before skyrocketing in December. He suggests that macro conditions hint at a longer-than-expected cycle, possibly extending into the second quarter of 2026.

Recently, a lot of long traders were eliminated on Binance as open interest declined. This “cleanup” took place immediately after the Federal Reserve put a pause on rate hikes. With fewer traders now in precarious positions, and historical trends suggesting that Bitcoin often rises after such events, this could be a setup for a Bitcoin bounce, according to CryptoQuant analysts.

However, James Wynn, a crypto trader, has expanded his $70M Bitcoin short position, warning of a significant market crash. He points to the escalating tensions between Iran and Israel, dwindling retail interest, and liquidity problems. Wynn believes that if the U.S. enters the conflict, it could provoke a global crisis. Nevertheless, he also holds the view that crypto will rebound post the drop.

The post Bitcoin May Face Downtrend, Says James Wynn While Beefing up His $70M Short Stake appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Wynn’s first position of 527.29 BTC, valued at $55.3 million, got liquidated when Bitcoin dropped to $104,950. His second position involving 421.8 BTC, amounting to $43.9 million, was liquidated after Bitcoin further decreased to $104,150. This data comes from the Hyperliquid analytics platform, Hypurrscan.

Another position held by Wynn, comprising 94 BTC worth $10 million, was liquidated when Bitcoin fell to $106,330 on May 29. Collectively, these positions saw 949 BTC liquidated. Arkham Intelligence and Lookonchain have reported that Wynn’s cumulative losses over the past week approximate $100 million.

Wynn had increased his 40x leveraged long Bitcoin bet to $1.25 billion on May 24. The downside was experienced when Bitcoin’s value declined following discussions of tariffs by US President Donald Trump. Despite the setback, Wynn still keeps his 40x leveraged long position open in a perpetual contract, which currently sits at an unrealized loss of $3.4 million, as per Hypurrscan.

Previously known for his successful memecoin picks, particularly the Pepe memecoin, Wynn has admitted to being an “extreme degenerate” who engages in high-risk leverage trades. He warns others against following his path, stating, “I do not follow proper risk management, nor do I claim to be a professional; if anything, I claim to be lucky. I’m effectively gambling. And I stand to lose everything. I strongly advise people against what I’m doing!”

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