What happened to Bitcoin Whale, which opened a short position of $1 billion?
Cryptocurrency trader James Wynn has been sharing his position on X (formerly Twitter) platforms, and he quickly became popular after his big bitcoin position became popular. James has opened more than a million dollars in positions so far and has gained a huge following after his admirable winning rate. Crypto traders also managed to span 8-digit territory in terms of returns. Two of his latest deals have attracted attention, and the report explores how traders manage these positions.
Billion dollar long and short positions in Bitcoin
Although James Wynn is a top 5 trader on the super fluent platform in PNL, his latest round of trading has attracted more attention. Last week, cryptocurrency traders opened $1.2 billion in positions and shocked the community with 40 times leverage. With a liquidation price of $105,179, it seems like a risky position, as does the post’s PNL as the price of Bitcoin fluctuates.
As Bitcoin prices fall over the weekend, traders will end the billion-dollar long position with a loss of $13.4 million. After that, James Wynn quickly flipped the instructions and placed another value stock position in one aspect, but this time favoring the decline in Bitcoin price.
Since the entry price is slightly above $107, this will be a fatal decision for traders as the price of Bitcoin starts to rise. Wynn was once again forced to close the huge stake, resulting in a higher loss of $15.87 million. In total, PERP traders lost nearly $28 million in 24 hours, according to hyperliquidity data.
What’s next for James Wynn?
After his brief post, James Wynn went on X (formerly Twitter) to fix the situation. In the post, he explained that after the huge loss, he no longer played on PERPS. In addition, he revealed that despite the losses, he still spent $25 million in the green after his initial position of $30-4 million.
The post has sparked speculation from the cryptocurrency community, with some believing that cryptocurrency traders will not only stop trading. It turns out that this is correct, like a few hours later, Wynn resumed superflow, putting multiple bets in a new position.
The cryptocurrency trader initially focused on aspiring to Pepe, one of his most profitable trading coins, earning him more than $25 million in profits. He quickly opened another Bitcoin long position with an entry price of $109,733.
While writing, James closed his Pepe position after almost being liquidated as the price of Bitcoin fell. The long position of Bitcoin still exists, but has been reduced to half to $439 million. In total, the trader has lost $4.4 million, and his Bitcoin position is still shaky, with a loss of $4.12 million.
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