Cryptocurrency trader James Wynn has closed out his highly successful position on meme coin PEPE, locking in over $25 million in profits and shifting attention to Bitcoin (BTC).
Wynn, known for his aggressive trading style and high-risk strategies, saw his stake in PEPE generate a staggering $25.19 million gain.
Now, shifting his entire focus and capital, the trader has pivoted to Bitcoin, which recently hit an all-time high above $111,000.
Particulars of the trade indicate that Wynn opened a long position of 11,588 BTC, valued at approximately $1.25 billion, according to the latest on-chain data retrieved by Finbold from Lookonchain on May 24,
Notably, he employed 40x cross leverage, making this one of the largest known individual long exposures in the current market.
However, the trade carries significant risk. Wynn’s liquidation price is $105,180, placing him precariously close to the current market price, which hovers just above $108,000.
As of press time, the position is down approximately $7.79 million, with an additional $4.61 million lost to funding fees, pushing his unrealized losses beyond $12 million.
Closing ETH and SUI long positions
Interestingly, this isn’t the first time Wynn has gone all in on Bitcoin. During a broader market downturn on May 23, he closed out losing positions in Ethereum (ETH) and Sui (SUI), realizing a $5.3 million loss.
On-chain data later indicated that the trader increased his Bitcoin exposure to 11,070 BTC. This move initially resulted in a $20 million drawdown due to adverse market movement and persistent funding costs.
Overall, Wynn’s latest bullish bet on Bitcoin comes amid record-breaking price action, driven largely by a surge in institutional capital inflows.
Featured image via Shutterstock
