Plus: CZ’s “invisible trading” pitch

GM. Threw today’s crypto drama into the blender - forgot the lid, now the ceiling’s covered in goo.

📉 The story of James Wynn.

🍋 News drops: CZ's new proposal, new crypto rules in Australia + more

🍍 Market flavor today

Crypto Market Cap: $3.35T 2.62% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$106,146.37	2.29%	-2.54%
	Ethereum ETH	$2,636.99	4.43%	-0.63%
	XRP XRP	$2.22	3.98%	-4.12%
	BNB BNB	$664.08	1.84%	-3.12%
	Solana SOL	$162.47	5.93%	-8.38%

What we’re currently experiencing is Bitcoin taking a break after its rally to a new all-time high above $111K.

Actually, Bitfinex analysts called this the first meaningful correction since April.

Like we've discussed before, two things freaked investors out:

1️⃣ A US court decision saying Trump’s tariffs were illegal is now on hold while the White House appeals;

2️⃣ The Fed minutes revealed they’re still worried about inflation.

That was enough for people to ditch risky assets like crypto and run to safer options like long-term government bonds.

Matter of fact, yields on 30-year Treasury bonds jumped above 5%, which usually means investors are nervous and want higher returns to feel safe.

Another big reason for the pullback: profit-taking.

Bitfinex noticed that unrealized profits (basically the money people would make if they sold) are well above average right now.

And when people are sitting on fat gains, they tend to cash out, which puts pressure on prices.

To keep climbing, Bitcoin needs new buyers to absorb all that selling.

• ETFs have been helping in that department - they brought in $9M over the past five weeks.

• Plus, the list of Bitcoin treasury companies keeps growing - firms like GameStop, Strategy, Metaplanet, and Trump Media have all made huge Bitcoin purchases lately.

But, while the suits are buying... retail investors are nowhere to be found.

According to 10xResearch, funding rates are barely above zero.

In other words, there's no major bullish rush, nobody's going crazy with leverage. Instead, investors are playing it safe - watching, maybe waiting for clearer signals or better prices.

So, unless something exciting shows up and changes everything, we might be in for a chill, sideways June.

🥝 Memecoin harvest

Tokens moving like they got a cheat code 🤥

Data as of 06:50 AM EST.

Check out these memecoins and plenty more here.

📉 Don't try this at home

If you’ve scrolled through Crypto Twitter lately, you’ve definitely seen one name popping up everywhere: James Wynn.

And if you've no clue why people are talking about him - ay, we gotchu.

So, James is a trader who people started recognizing after he turned $7K in PEPE into $25M.

At his peak, he had over $80M in unrealized gains, mostly from memecoins and using INSANE amounts of leverage.

But that's not why he became famous.

On May 22, James opened a $1.14B long position on Bitcoin at $108,921 using 40x leverage.

Translation: he was betting the price would go up, and to open a $1.14B trade, he only needed 1/40th of that upfront - the rest was borrowed.

It started off great. BTC went up, and James was sitting on a $39M unrealized profit.

This could've been a crazy success story. But he said, “Let’s go BIGGER,” and pushed it to a $1.25B position.

Then... a Trump tweet nuked the market. Price dropped. James took a $13M loss and closed the position.

After that loss, James flipped the script - opened a $1B short at $107,711, betting the price would go down.

Well... it didn't. He lost another $15.87M in just 15 hours.

But he wasn't done yet. He re-entered the market with two huge longs on Bitcoin:

• 527.29 BTC worth $55.3M;

• 421.8 BTC worth $43.9M.

And that was when BTC dropped below $105K - so, both positions got liquidated.

Total damage? Nearly $100M.

So yeah... he went from James Wynn… to James Lose...

(... I’ll see myself out.)

Anyways, after that, he asked Twitter for help.

And people actually sent him $20K+ in donations (which he promised to pay back).

Then, he did what any person who just lost millions of dollars would do... opened another $100M long with 40x leverage.

😐

His new liquidation price is $103,613 - and BTC came super close for a moment. James tweeted, “They’re hunting me again?”

Now, why are we talking about this?

Well, first off, because it's wild.

Second, this story is the perfect example of the other side of crypto.

Not everyone's here for disciplined investing - some are here to gamble. And sometimes, it ends in desperation.

So, here's what you can learn from all this (because pls don't be like James):

1/ Leverage is a double-edged sword.

Sure, 40x leverage can make you rich fast - and broke faster.

Wynn lost nearly $100 million from a SINGLE liquidation.

That's not a trading mistake - that's a structural risk of using too much borrowed money.

2/ Don’t confuse luck with skill.

Wynn initially got rich off memes and good timing.

But luck isn't a repeatable strategy. His later trades showed poor timing, emotional decision-making, and no clear edge - pitfalls for overconfident traders.

3/ Never trade with money you can’t afford to lose.

If you need to beg Twitter for money to trade… take a break.

4/ Crypto isn't a game.

Social media rewards spectacle. Markets do not.

Just because someone posts screenshots of 7-figure bets doesn't mean they know what they're doing - or that it's smart to copy them.

And finally...

It’s okay to be boring.

It’s okay to take profits.

It’s okay not to chase the hype.

Stay safe out there, and stay healthy, y’all.

🍋 News drops

🤔 In response to Wynn's story, Binance founder CZ said we should build a decentralized trading platform where no one can see what you’re doing. The goal would be to stop traders from using public info to mess with other traders.

🦘 Australia’s financial watchdog, AUSTRAC, dropped some new rules for crypto ATMs. Now, you can only deposit or withdraw up to 5K Aussie dollars at a time.

😣 Crypto groups are asking US lawmakers not to stall the GENIUS Act. They’re worried new proposals might slow things down.

🍌 Juicy memes