The post James Wynn Returns with a $100M Bitcoin Bet After Ditching Hyperliquid Perps appeared first on Coinpedia Fintech News
A high-risk leverage crypto trader, James Wynn, who recently got famous for losing overall $178 million in bitcoin, has made a strong comeback. After announcing a break from perpetual trading on Hyperliquid, Wynn opened a massive 40x long position on Bitcoin, holding nearly 945 BTC, valued at about $99.6 million.
Let’s find out where this other $100 million bet will pay him off, or will he face another setback?
Break From Perpetual Trading on Hyperliquid
In a recent tweet, James Wynn said he wanted to take a break from perpetual trading. Therefore, he sold all 126,116 HYPE tokens he had at an average price of $32.72, making around $4.13 million from the sale. This sale happened on Hyperliquid, a decentralized exchange that has seen a big jump in trading activity.
Wynn had originally bought these HYPE tokens on May 9 and 12 at an average price of $24.84, spending about $3.13 million. This means he made an estimated profit of $1 million, a gain of about 31.9%.
Even though Wynn has left perpetual trading for now, he had some kind words for Hyperliquid, calling it an “impeccable” service and thanking them for their support.
Wynn‘s $100 Million Bet On Bitcoin
Just 2 hours after selling all the HYPE tokens, Spotonchain data show that Wynn has opened a massive $100 million long position on Bitcoin, holding nearly 945 BTC. What’s more shocking is that he’s using 40x leverage on this trade, making this trade very risky.
His entry price was around $105,890 per Bitcoin, but the position is already showing a loss of $455,000. With a liquidation price of $104,580.
Wynn is walking a thin line, if Bitcoin’s price drops below this level, his position could be wiped out, causing a significant loss.
