Crypto Whale Doubles Down on Bitcoin Long
James Wynn, a well-known trader in the high-stakes crypto world, has made headlines again with an aggressive move, doubling down on his Bitcoin (BTC) long position, now valued at $1.25 billion. This bold move comes just hours after Wynn exited his profitable $PEPE position, netting a $25.2 million profit.
On May 24, blockchain analytics platform Lookonchain reported that Wynn entered an 11,588 BTC position with an average entry price of $108,243, putting him at a precarious liquidation level of $105,180. This move followed a string of losses Wynn incurred after exiting his Ether (ETH) and Sui (SUI) long positions, resulting in a $5.3 million loss. Wynn then used these proceeds to double down on Bitcoin, increasing his position to 11,070 BTC.
High Stakes and High Volatility
Wynn’s history of aggressive leverage strategies is well-documented. He initially opened his Bitcoin long position with a hefty $830 million on May 21, swiftly securing $400 million in profits the same day. However, he quickly ramped the position back up to $1.1 billion, maintaining a high leverage position even as BTC crossed the $110,000 milestone and gained $39 million on paper. Later, he sold 540 BTC for $60 million, locking in a $1.5 million profit.
Wynn’s aggressive approach to leverage has not gone without its challenges. He suffered significant losses following a sharp market downturn triggered by former President Donald Trump’s announcement of a 50% tariff on all European Union imports on May 23. This news sent Bitcoin tumbling below $107,000, erasing gains across both traditional and crypto markets. Ether also plummeted to as low as $2,504, while memecoins faced even greater pressure. Data from HypurrScan shows that Wynn experienced losses exceeding $29 million in a single day. However, despite these setbacks, he remains profitable overall, with an all-time trading profit of over $57 million and a gain of $46 million over the past month alone.
A High-Risk, High-Reward Strategy
Wynn, who describes himself as a high-risk leverage trader and a memecoin maxi, has gained notoriety for his audacious trading style. He claims to have recognized $PEPE as a buy when its market cap was a mere $600,000. He started utilizing the Hyperliquid platform two months ago, depositing $4.65 million worth of USDC (USDC) onto the platform, according to Hypurrscan data. Hyperliquid’s decentralized exchange (DEX) is the flagship product of the Hyperliquid Layer 1 blockchain, offering spot trading, borrowing and lending services, and more.
It’s important to note that Wynn’s aggressive use of leverage significantly amplifies his exposure to market volatility. With Bitcoin trading near $109,000, any sharp downward movement could pose a significant threat to his position. His high-stakes bets have certainly garnered attention in the crypto community, but whether his latest strategy will pay off remains to be seen.
