Crypto whale James Wynn has made headlines again after dramatically increasing his Bitcoin exposure. He placed a $1.2 billion long position on Hyperliquid, a decentralized derivatives exchange.
This comes shortly after he closed out positions in Ethereum, Sui, and PEPE. The move signals a strategic shift toward Bitcoin as the market rallies.
Crypto Whale Exits Altcoins to Place $1.2 Billion Leveraged Bet on Bitcoin
On May 24, blockchain tracker Lookonchain revealed that Wynn had opened a 40x leveraged position totaling 11,588 BTC, worth approximately $1.25 billion. His liquidation level is set at $105,180.
James Wynn Bitcoin Bet on Hyperliquid. Source: Lookonchain
This move extends a series of aggressive Bitcoin trades Wynn began earlier in the week. On May 21, he opened a long position worth $830 million, from which he took a $400 million profit on the same day.
Since then, he has reloaded his position to over $1 billion as Bitcoin’s price climbed over the past two days.
Moreover, he also shared a screenshot on the social platform X showing that his latest Bitcoin long bet was up 13.4%. This means that the position had generated around $4.2 million in unrealized profit.
Still, his track record has its blemishes. He recently closed his positions in Ethereum and Sui with a combined loss of $5.3 million. However, he offset those setbacks with a $25.19 million gain on a trade involving PEPE.
Stellar (XLM), an open-source blockchain known for fast and low-cost cross-border payments, is drawing the attention of both retail and institutional investors in 2025.
However, the concentrated distribution of XLM supply and its potential for real-world asset (RWA) applications present opportunities and challenges.
What Does the Concentrated Supply and Rising Exchange Balances Mean?
One major concern about Stellar is the concentration of XLM supply. According to Flipside Crypto, the top 10 XLM wallets hold approximately 25 billion XLM. The total circulating supply is 30.9 billion XLM, meaning nearly 80% of the supply belongs to a small group.
This raises questions about decentralization. A few entities holding large amounts of tokens could significantly influence the market. Meanwhile, about 90% of XLM holders own less than 100 XLM.
This imbalance shows that most retail investors have little impact on price. As a result, the market faces volatility risks if “whales” decide to sell.
Additionally, data from stellar.expert shows that XLM balances on Binance have risen steadily since late 2023, from 180 million XLM to 1 billion XLM. This increase reflects growing demand for trading and signals potential sell pressure if negative news emerges.
At first glance, this kind of data often seems negative for a network’s outlook. However, XLM investors argue that increased circulating supply can indicate growing adoption.
“This isn’t a random distribution — it’s a deliberate strategy… Supply growth is measured and controlled while adoption skyrockets,” an XLM investor commented.
On-chain data further supports this view. Stellar’s active accounts grew from 7.2 million in 2023 to 9.5 million by May 2025. On average, the network adds about 5,000 new wallet addresses daily. This ever-increasing demand helps absorb the circulating XLM.
Signs of Rising XLM Demand in Real World Asset (RWA) Sector
Currently, Stellar ranks as the third-largest protocol in RWA market capitalization, behind only Ethereum and ZKsync Era. Notable players in Stellar’s RWA ecosystem include the Franklin Templeton OnChain US Government Money Fund (valued at $497 million) and Circle’s USDC stablecoin, which holds $345 million on the Stellar network.
Total Value of Assets Tokenized on Networks. Source: RWA.xyz
The total value of RWAs on Stellar has grown nearly 84% in 2025. It rose from $275 million to over $500 million by May. This growth reflects Stellar’s increasing appeal for real-world asset tokenization.
TRON founder Justin Sun is intensifying his accusations against First Digital Trust (FDT), the issuer of the FDUSD stablecoin, who he claims embezzled $500 million of its clients’ funds.
In an April 5 post on X, Sun compared FDT to the now-defunct FTX exchange, claiming the FDT case is “ten times worse.” FTX filed for bankruptcy in November 2022 after a bank run revealed an $8 billion shortfall in its assets.
Justin Sun Compares First Digital Trust to FTX
Sun argued that while FTX misused user funds, the exchange at least maintained an internal system that portrayed the activity as pledged loans.
He explained that FTX used assets like FTT, SRM, and MAPS tokens as collateral in transactions that, on the surface, had some structure. In contrast, Sun claims First Digital Trust outright stole funds without user consent or any internal pledge mechanism.
“FDT simply siphoned off $456m from TUSD’s custodial funds without client authorization or knowledge, and booked as loans to a dubious third party Dubai company without any collaterals,” Sun claimed.
On the other hand, Sun alleged that FDT diverted user assets into private entities for personal gain without any meaningful investment.
Sun also took aim at FDT CEO Vincent Chok Zhuo, criticizing his apparent indifference following the exposure of the alleged misconduct.
According to him, Chok has shown no intention of taking responsibility. This contrasts with SBF, who took steps to recover user assets and cooperated with authorities.
“Vincent Chok has acted deceptively and maliciously, pretending nothing happened when exposed,” Sun stated.
Considering this development, the TRON founder urged Hong Kong authorities to take swift action. He called for a response similar to that of US regulators during the FTX collapse.
“Hong Kong must act like its US counterparts—swiftly, decisively, and effectively. We cannot allow the fraudsters continue its pyramid scheme against the public,” the crypto entrepreneur concluded.
To support investigations, Sun has launched a $50 million bounty program aimed at exposing the alleged misconduct. He also met with Hong Kong lawmaker Johnny Wu to discuss potential regulatory action.
Bitcoin (BTC) in 2025 is buzzing with activity as long-dormant Bitcoin wallets, often referred to as “old whales,” spring back to life after years of inactivity.
Recent large transactions from untouched wallets for over a decade and significant Bitcoin movements to exchanges are capturing the crypto community’s attention. These developments reflect changes in the behavior of major investors and may signal potential price volatility on the horizon.
Old Bitcoin Whales Suddenly Active Again
Recently, 3,422 Bitcoins, equivalent to $324 million, were transferred from a wallet that had been dormant for 12 years to a new address. These Bitcoins originated from BTC-e, one of the oldest shut-down exchanges.
Back in 2012, the initial value of these BTC was just $46,000. Today, their value has surged 7,018 times, a clear result of Bitcoin’s long-term growth potential.
Around the same time, another wallet holding 2,343 BTC, valued at over $221 million, activated again after 11.8 years of dormancy. Transactions from these “sleeping” wallets often draw significant attention within the community, as they may indicate that veteran investors are starting to liquidate assets or preparing for other strategic moves in the market.
Bitcoin Movements to Exchanges: Rising Selling Pressure?
In addition to the reactivation of long-dormant wallets, the market has also seen a series of large Bitcoin transfers to major exchanges. According to data from Whale Alert, these transactions spiked in early May 2025.
Specifically, 2,402 BTC were moved from Ceffu to Binance, 600 BTC ($56.65 million) were transferred from an unknown wallet to Bitfinex, and 1,636 BTC ($154.05 million), along with 1,385 BTC ($130.74 million), were sent from Cumberland to Coinbase Institutional. Another transaction involving 1,142 BTC ($107.68 million) was also recorded from an unknown wallet to Coinbase Institutional.
These movements suggest that Bitcoin whales actively shift their assets to exchanges, a behavior often interpreted as a sign of potential selling pressure.
Beyond individual whales, Riot Platforms, a leading Bitcoin mining company, sold 475 BTC in April 2025 to cope with industry pressures. This move comes as the Bitcoin mining sector faces rising operational costs following the 2024 halving event, forcing many companies to liquidate portions of their holdings to sustain operations. Meanwhile, MicroStrategy, an institutional investor known for its Bitcoin accumulation strategy, continues to buy in despite criticism of its high-risk investment approach.
However, data from Coinglass reveals that last week, exchanges recorded a net outflow of 15,700 BTC, with total balances dropping to 2.2 million BTC. This could reflect a long-term accumulation trend among large investors, as they withdraw Bitcoin from exchanges to store in cold wallets, reducing the circulating supply in the market.
What did These Movements mean for the Bitcoin Market?
The activities of old whales and major institutions fuel speculation about the Bitcoin market’s future direction. According to a CryptoQuant report from March 2025, the Exchange Whale Ratio on Binance has recently declined, indicating a reduction in selling pressure from large investors, a positive signal for BTC’s price.
The Exchange Whale Ratio, which fell below 0.3 on April 23, indicates a major shift in participation, from institutional or big traders to more retail-dominant flows.
Bitcoin exchange whale ratio. Source: CryptoQuant
“This suggests less whale selling and, perhaps, a “cleaner” market environment in which price movements are driven by organic demand rather than large-volume sell-side pressure.” Analysis shows that
Short-term Bitcoin holders have not yet taken significant profits to form selling pressure, and upward momentum is still accumulating.
“The current NUPL is 8%, while its 30-day SMA remains negative and holds at -2%. Until NUPL exceeds 40%, selling pressure from this cohort will remain minimal, which is a bullish signal.” Analysis shows that
However, the recent transfers of Bitcoin to exchanges suggest that short-term selling pressure may increase, particularly as Bitcoin hovers around $95,000, with key support levels at $93,000 and $83,000.
The reactivation of long-dormant wallets also signals confidence from veteran investors, who are gearing up for a new bullish cycle. These developments paint a complex market picture, with both opportunities and risks on the horizon.
The resurgence of old Bitcoin whales, significant transfers to exchanges, and actions from institutions like Riot Platforms are heating the crypto market in 2025. These movements reflect shifting sentiments among major investors and could shape Bitcoin’s price trends in the coming months. While the potential for growth remains, investors must stay vigilant and prepared for unexpected market fluctuations.
