Bitcoin (BTC) has recently achieved remarkable success, breaking its previous all-time high (ATH) and reaching a new pinnacle above $111,900. As this cryptocurrency continues to ascend, traders are making significant bets on its future trajectory.
One notable figure in this arena is the pseudonymous investor James Wynn, who has placed a staggering $1.1 billion bet on BTC with 40x leverage on the decentralized layer-1 chain HyperLiquid. Known for his high-risk trading approach and enthusiasm for meme coins, Wynn has been steadily increasing his exposure to BTC alongside other promising projects such as Ethereum, Sui, and Pepe.
Trader Bets Big on BTC
Wynn’s long Bitcoin position began about a week ago with an investment of less than $390 million at an average price of approximately $103,000. Initially, this substantial bet had a liquidation price set at $96,600 and a margin of $9.7 million.
As Bitcoin’s price ascended, Wynn expanded his position significantly. A series of updates from the market analytics platform Lookonchain indicated that his initial bet grew to $415 million, then $673 million, and eventually reached an astonishing $900 million. At this level, Wynn’s position positioned him at the top of HyperLiquid, outpacing the combined stakes of the six next largest traders.
On May 21, as his position eclipsed 10,000 BTC, its value soared to $1.1 billion. Following Bitcoin’s ascent past $111,900, Wynn’s bet surged to $1.14 billion, leaving him with an unrealized profit exceeding $39 million.
Wynn Sits on $14M Unrealized Profit
As Wynn augmented his position, he strategically began to take profits. His most recent transaction on May 22 involved selling $60 million worth of BTC, resulting in a profit of $1.5 million. Although Bitcoin retraced slightly after achieving its ATH, Wynn’s bet has declined to approximately $800 million. Nonetheless, he is still enjoying an unrealized profit of at least $14 million, even after securing more than $17 million in profits.
Regarding his outlook and profit-taking strategy, Wynn has expressed confidence that BTC is primed for a breakout. He forecasts that the cryptocurrency could reach the $115,000 to $118,000 range within the next week or possibly even sooner. He emphasizes a critical psychological support level at $100,000; should Bitcoin peak between $118,000 and $122,000, a cooling-off period and some sideways movement may follow. Following this phase, the market could witness intriguing trends as the altcoin season approaches.
For more details about this trader’s bold move and outlook on Bitcoin, check out the full story here, originally featured on CryptoPotato.
