James Wynn, a crypto trader known for massive on-chain trades, has taken his Bitcoin bet to a new level. On Friday, Wynn revealed that he now holds a $1.07 billion long position on Hyperliquid, a decentralized derivatives exchange. He used 40x leverage, one of the riskiest strategies in trading, to get there.
A screenshot Wynn posted on X showed the trade in full. 9,794 BTC at an entry price of $109,080, with the mark price at $109,516. The exposure totals $1,072,648,585.37, with just $26.8 million in margin. His position was up to $4.27 million at the time of the post. The liquidation price is $103,836, meaning a price drop below that could wipe it out.
Wynn started the trade with $830 million on May 21 as Bitcoin surged past $109,000. That same day, he trimmed 3,688 BTC worth roughly $400 million locked in early profits. By May 22, Wynn was back in weight. He boosted his position to $1.1 billion, keeping the same high-risk leverage. Bitcoin had crossed $110,000, and data from Lookonchain showed he was sitting on $39 million in unrealized gains.Â
Later, he trimmed again, selling off 540 BTC for around $60 million and booking a $1.5 million profit. Traders began watching his wallet closely, as past trims by Wynn often came before market pullbacks. Traders started noticing James Wynn when he first flipped memecoins. His wallet, 0x507, gained fame for turning $8,524 into $44.4 million with PEPE, the frog-themed token. In June 2024, he moved $7.5 million worth of PEPE into Binance.
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