In a notable move in the cryptocurrency arena, trader James Wynn has exited a staggering $1.25 billion Bitcoin long position on the decentralized exchange Hyperliquid, incurring a loss of $13.4 million. This trade, executed with a substantial 40x leverage, briefly yielded paper profits of $40 million before it was ultimately terminated. The liquidation threshold for this significant position was set at $105,179.
Trader Moves to Mitigate Losses Following Bitcoin’s Decline
Wynn initiated his Bitcoin long on May 21 with an investment of $830 million, securing $400 million in profits on the same day. By May 22, as Bitcoin surged past the $110,000 mark, he reallocated funds to increase his position to $1.1 billion, realizing an unrealized profit of nearly $40 million at that point. He later offloaded 540 BTC for $60 million, netting a profit of $1.5 million from that transaction.
Source: Hyperdash.info
On social media platform X, Wynn confirmed his decision to “cut his losses” by closing his highly leveraged long positions, indicating a strategic choice made in response to market conditions.
Prior to his massive Bitcoin bet, Wynn had successfully closed a long position in PEPE, yielding a profit of $25.19 million.
This week, Bitcoin was on the brink of achieving new all-time highs but faced a setback following former President Trump’s announcement of a 50% tariff on all imports from the European Union. The digital asset touched a local low of $107,431 late Saturday, and at the time of this report, it was trading at $108,238.
Hyperliquid Records Major Trade by Single Trader
The decentralized exchange Hyperliquid witnessed one of its most significant trades as James Wynn’s $1.25 billion long position highlights an emerging confidence in DEXs among cryptocurrency traders. The exchange’s native token, HYPE, experienced a surge in demand, increasing to $34.64, marking a 4.2% rise within the last 24 hours.
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