James Wynn, a high-stakes crypto whale, has just lost nearly $100 million in Bitcoin (BTC) after the asset briefly dipped below $105,000.
Some context: Wynn bet on a BTC rebound through Hyperliquid (HYPE), opening two massive long positions, one of 527.29 BTC (that’s $55.3 million) and another of 421.8 BTC (or $43.9 million). But when Bitcoin dropped to a 10-day low, his positions were liquidated.
What’s worse, a separate position of 94 BTC ($10 million) was also liquidated just yesterday.
That’s a total of 949 BTC, or $99.3 million, gone with the wind within a week.
Crypto trader Wynn has no regrets
A self-professed “degenerate trader”, Wynn has quite a history with crypto, with the last three months being almost incredible, as he’s gone from $82 million in profits only to losing $100 million.
After his PEPE moves in April, which led to $25 million in profits, Wynn started going long on BTC, opening a $500+ million position. Afterwards, he opened a $1 billion BTC short, which he closed at a $1 million loss.
Things were looking great for Wynn. After all, his profit and loss (P&L) grew from $30 million to almost $82 million. But, as we’re now aware, Wynn flew too close to the sun, as BTC hit his liquidation price and bounced.
While he’s just been liquidated for what amounts to more or less five decently sized mansions, Wynn appears to have no regrets. He tweeted:
And he’s not just talking the talk. Just hours later, Wynn opened a new $12 million long position on PEPE on Hyperliquid. He now holds 934 million PEPE tokens, a position that’s ensured an unrealized gain of 10.66%.
Naturally, Hyperliquid is at the center of attention together with Wynn, whose bets over the past weeks have generated a lot of activity on the exchange. In fact, its total value locked (TVL) has doubled in just 30 days and now amounts to nearly $1.5 billion.
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