James Wynn, a notable trader in the high-lipid market, has ramped up his Bitcoin position to a staggering $1.25 billion, following a profitable exit from his $PEPE stake, which earned him $25.2 million.
As reported on May 24th by Lookon Chain, Wynn has taken a position of 11,588 BTC, with an average entry price of $108,243 and a liquidation level set at $105,180.
This latest maneuver comes shortly after Wynn closed out his positions in ether (ETH) and SUI (SUI), sustaining a loss of $5.3 million in the process. He had just minutes before decided to double down on Bitcoin (BTC), increasing his holdings to 11,070 BTC.
Wynn initially started his long Bitcoin position on May 21st with an investment of $830 million, managing to secure a quick profit of $400 million on that same day. By May 22, he raised his investment to $1.1 billion as BTC surpassed the $110,000 mark, showing a paper profit of $39 million at that time. He later offloaded 540 BTC for $60 million, netting an additional $1.5 million in profit.
Wynn’s ventures, however, faced turbulence following a significant market downturn triggered by former President Donald Trump’s announcement about imposing a 50% tariff on all imports from the European Union. This news, which broke on May 23, led to substantial losses across both crypto and traditional markets, pushing Bitcoin below $107,000. Ether also fell, hovering around $2,504, but memecoins suffered even more significantly.
Data from Hypurrscan indicates that Wynn lost over $29 million in just one day. Nevertheless, he has still managed to surpass $57 million in profit and accumulate more than $46 million over the past month.
Wynn is known for being a big-time crypto trader, embracing high-risk leveraged trading and a specialization in memecoins. He even claimed to spot the potential of Pepe (Pepe) when its market cap was around $600,000.
Notably, crypto whales started engaging with high lipid platforms two months prior, depositing approximately $4.65 million in stablecoin USDC, according to Hypurrscan data.
Hyperliquid’s Dex, a leading product in the high lipid layer 1 blockchain, specializes in offering spot trading and borrowing services. Wynn’s aggressive leverage significantly amplifies his exposure to market volatility. Currently, Bitcoin trading is around $109,000, and any rapid declines could pose a risk to his substantial position.
