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Renowned Hyperliquid trader James Wynn has raised his 40x leveraged long Bitcoin wager to $1.25 billion following the closure of his $PEPE position, netting a $25.2 million gain.
On May 24, Lookonchain documented that Wynn established an 11,588 BTC position with an average entry cost of $108,243 and a liquidation threshold of $105,180.
This action occurred mere hours after Wynn liquidated his Ether (ETH) and Sui (SUI) longs, incurring a $5.3 million loss. He subsequently utilized the proceeds to double his investment in Bitcoin (BTC), expanding his stake to 11,070 BTC.
Wynn initiated his Bitcoin long position with $830 million on May 21, generating $400 million in profits that same day. By May 22, he boosted the position back to $1.1 billion, maintaining significant leverage as BTC exceeded $110,000 and recorded a $39 million increase on paper. He later liquidated 540 BTC for $60 million, securing a $1.5 million profit.
Related: Bitcoin’s rally continues, surpassing $110K for the initial time
Wynn endures losses after Trump tariff announcement
Wynn faced setbacks following a steep market decline prompted by former President Donald Trump’s declaration of a 50% tariff on all European Union goods.
The announcement, made on May 23, caused Bitcoin to plummet below $107,000, wiping out gains in both traditional and cryptocurrency markets. Ether also fell to as low as $2,504, while memecoins experienced even greater declines.
Data from HypurrScan reveals that Wynn has incurred over $29 million in losses within a single day. Nevertheless, he remains over $57 million ahead in overall trading and an uplifting $46 million in the past month alone.
Related: Hyperliquid supports 24/7 crypto trading in CFTC comments submission
High-stakes cryptocurrency trader
Wynn is a high-stakes cryptocurrency trader who identifies himself as a high-risk leverage trader and memecoin enthusiast. He claims to have identified Pepe (PEPE) as a purchase when its market capitalization stood at $600,000.
The cryptocurrency whale began utilizing Hyperliquid two months prior, depositing $4.65 million in the stablecoin USDC (USDC) onto the platform, as indicated by Hypurrscan data.
Hyperliquid’s DEX serves as the flagship product on the Hyperliquid layer 1 blockchain, which also provides spot trading, lending, and borrowing services, among other offerings.
Significantly, Wynn’s bold leverage enhances his exposure to market fluctuations. With Bitcoin trading around $109,000, any sharp descent could jeopardize his position.
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