Massive Crypto Investor Wynn, Who Wagered $1 Billion on Bitcoin, Experiences Liquidation Worth $118 Million During Market Downturn
Cryptocurrency trader James Wynn, known under a pseudonym, has recently experienced a setback, enduring losses of over $118 million after betting more than a billion dollars on Bitcoin (BTC) a week ago. Triggered by Bitcoin's fall below $105,000 on Friday, Wynn's positions have been liquidated, according to data from Arkham Intelligence.
The trader has been liquidated in four positions so far, totaling 1,134 BTC, equivalent to more than $118.8 million. He maintains an open position worth $4.7 million on the decentralized exchange (DEX) Hyperliquid, carrying an unrealized loss at the time of writing.
Wynn, famed for his high-risk leverage trading and meme coin maximalism, built his 40x leverage long Bitcoin position in just seven days as Bitcoin's price kept soaring. As BTC reached an all-time high of $111,970 on May 22, the bet increased to $1.14 billion with an unrealized profit of over $39 million. Despite signals from analysts and on-chain data indicating more potential growth for Bitcoin, macroeconomic changes initiated a reversal in Bitcoin's trajectory.
While Wynn realized profits from his massive Bitcoin bet, he still believes Bitcoin could reach the $115,000 to $118,000 target this week. However, the opposite has proven true, with Bitcoin down 2.5% in the past 24 hours and trading close to $105,093 at the time of writing.
Wynn's four positions were liquidated, holding 91 BTC ($9.7 million), 527 BTC ($55.3 million), 421 BTC ($43.9 million), and 95 BTC ($10 million) respectively, according to data from the Hyperliquid analytics platform, Hypurrscan. These were triggered when Bitcoin hit $106,330, $104,950, $104,150, and $104,620, respectively.
Venturing into X, Wynn tweeted that his experiences have exposed corruption within the crypto market. He now advocates for long-term investment by buying and holding Bitcoin in cold storage rather than pursuing riskier strategies like his own.
References:[1] — Data from Arkham Intelligence[2] — Data from Hypurrscan[3] — our website reported last week[4] — Several factors, including leverage, market sentiment, and liquidation price[5] — Reports suggest market manipulation by market makers
- James Wynn, despite his losses from Bitcoin trading, is advocating for long-term investment strategies such as buying and holding Bitcoin in cold storage, citing his experiences and the apparent corruption within the crypto market.
- In addition to crypto trading, sports-betting seems to be a new venture for Wynn, with him tweeting about the exposures within the crypto market.
- Amidst the crypto market, there are reports suggesting manipulation by market makers, potentially influencing trading behaviors and outcomes, as Wynn hinted at in his tweets.
