Millionaire Trader James Wynn Returns with High-Leverage Bitcoin Positions
Multimillionaire cryptocurrency trader James Wynn has returned to successful trading despite suffering multiple liquidations recently, signaling increased confidence in Bitcoin’s near-term trajectory. Wynn’s return includes two highly leveraged positions worth over $20 million.
Wynn has initiated a 40x leveraged Bitcoin long position valued at approximately $19.5 million, entered at $117,000. This position can be liquidated if prices fall below $115,750. According to blockchain data, Wynn has paid over $1.4 million in funding fees while maintaining an unrealized profit of $78,000.
James Wynn’s Trading Activity. Source: Hypurrscan
His second position is a 10x leveraged long on memecoin PEPE, worth over $102,000. The token was initially purchased at $0.01201, though its exact liquidation price remains undisclosed.
Wynn’s trading journey recently epitomized cryptocurrency’s risks. The trader gained widespread attention in late May when his $100 million leveraged position was liquidated at $105,000 amid Bitcoin’s retreat. He subsequently deployed another $100 million bet which was liquidated two days later, resulting in a nearly $25 million loss.
Despite past depletions, Wynn attributes his recent success to ongoing market maker activity, claiming “The MM’s are out of gun powder,” suggesting market makers are depleted and unable to continue coordinated attacks against leveraged positions.
This comes while another trader, Qwatio, unveiled a contrasting 40x Bitcoin short position valued at over $2.3 million. This positions bets against the world’s largest cryptocurrency, adding to market volatility.
Qwatio 40x Bitcoin Short Position. Source: Hyperdash screenshot analyzed by EmberCN
Illustrating the inherent risks of leveraged trading, industry reports indicate traders can lose substantial sums when market dynamics move against major positions. A notable example includes a crypto whale losing approximately $308 million from a 50x leveraged Ether position when Ethereum prices declined.
The trading activity highlights cryptocurrency’s volatile nature and the extreme risks associated with leverage. While Wynn appears bullish about Bitcoin’s prospects, market participants remain cautious amid occasional bearish signals in the meme market.
