A whale went long on the "buying the dip" after James Wynn's liquidation, facing a realized loss of $17.08 million

June 6th. As per Ashes Monitor, a whale employed a tactic referred to as "buying the dip" subsequent to a liquidation event in James Wynn's position. It managed to regain $17.08 million in profit through a liquidation cascade that took place two and a half hours earlier. The whale implemented this strategy twice following liquidation events in James Wynn's position, going long on both BTC and ETH. The approach involved leveraging the liquidation event. It opened a long position immediately after James Wynn's position was liquidated yesterday at midnight and augmented its position after James Wynn's position was liquidated and closed today at 1 a.m. However, as the price kept declining, it opted to cut its losses and close its position two and a half hours ago. This decision led to a $17.08 million loss on this specific long trade. After this profit-taking event, its profits in the past 21 days have decreased from $30 million to $13 million.