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  • Mustafa Mulla
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    Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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James Wynn Returns with a $100M Bitcoin Bet After Ditching Hyperliquid Perps

Story Highlights
  • James Wynn paused perpetual trading, selling all HYPE tokens for a $1 million profit.

  • 2 hours after selling all HYPE token, Wynn opened a huge $100 million Bitcoin long with 40x leverage.

  • Wynnโ€™s Bitcoin position holds nearly 945 BTC but already shows an unrealized loss of $455K.

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.ย 

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 โ€œimpeccableโ€ service and thanking them for their support.

Wynnโ€˜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. Whatโ€™s more shocking is that heโ€™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 Bitcoinโ€™s price drops below this level, his position could be wiped out, causing a significant loss.

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