What Became of the Bitcoin Whale Who Made $1 Billion Long and Short Bets? | Bitcoinist.com
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James Wynn, a prominent crypto trader known for sharing his positions on X (formerly Twitter), has rapidly gained popularity following the viral nature of his substantial Bitcoin trades. Up to this point, James has established multiple billion-dollar positions and attracted a significant following due to his impressive win rate, successfully navigating into the 8-figure gains. His two latest trades have generated notable interest, and this report delves into how he has managed these positions.
Billion-Dollar Bitcoin Long and Short Positions
James Wynn has been in the spotlight as one of the top 5 traders on the Hyperliquid platform based on PNL, but his recent trades have attracted even more attention. Recently, he shocked the crypto community by opening a $1.2 billion long position with a leverage of 40x. This was paired with a close liquidation price at $105,179, making it a risky venture, especially as Bitcoin’s price shifted and impacted the PNL of the position.
As Bitcoin’s price dipped approaching the weekend, James decided to close this billion-dollar long position, incurring a loss of $13.4 million. Consequently, he flipped his strategy and opened another billion-dollar perp position, this time banking on a decline in Bitcoin’s price.
Source: X
With an entry price slightly above $107, this decision backfired as Bitcoin began to rise again. Once more, Wynn had to close this sizable perp position, registering a heavier loss of $15.87 million. In total, this trader experienced nearly $28 million in losses in less than 24 hours, according to data sourced from Hyperliquid.
What’s Next For James Wynn?
After closing his short position, James Wynn took to X (formerly Twitter) to comment on the situation. In his post, he detailed that following the significant losses, he was considering stepping away from perp trading. Furthermore, he mentioned that, despite the setbacks, he still remains $25 million in profit from an initial investment of $3-$4 million.
His post sparked speculation within the crypto community, with many suggesting that he wouldn’t halt his trading activities. This proved accurate, as just hours later, Wynn was back on Hyperliquid, placing multiple new bets on various positions.
Source: Hyperliquid
Initially, the crypto trader focused on long positions with PEPE, which has proven to be one of his most lucrative coins to trade, yielding over $25 million in profit. Soon after, he opened a new Bitcoin long position with an entry point at $109,733.
As of now, James has already closed his PEPE position amid fears of liquidation as Bitcoin’s price dropped. The Bitcoin long position still holds, albeit halved to $439 million. In total, the trader has already faced a loss of $4.4 million, with his Bitcoin position currently sitting at a loss of -$4.12 million.
BTC price trading in a tight zone | Source: BTCUSD on TradingView.com
Chart from TradingView.com
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