Whale's $1.2B Bitcoin Bet

Crypto Whale's Massive Bitcoin Bet on Hyperliquid

Cryptocurrency whale James Wynn has placed a significant $1.2 billion long position on Bitcoin via Hyperliquid, a decentralized derivatives exchange. This bold move follows the closing of his Ethereum, Sui, and PEPE positions, indicating a strategic pivot towards Bitcoin amidst a market rally.

$1.2 Billion Leveraged Bitcoin Long Position

Blockchain tracker Lookonchain reported that on May 24th, Wynn opened a 40x leveraged position totaling 11,588 BTC. His liquidation level is set at $105,180. This follows earlier trades where he opened a long position worth $830 million on May 21st, taking a $400 million profit the same day, before increasing his position to over $1 billion.

Source: Lookonchain

Bitcoin Price Surge and Wynn's Prediction

Bitcoin's price recently surged to a new all-time high of over $111,000, fueled by rising institutional interest and spot ETF inflows. Wynn, expressing confidence in further gains, predicts BTC could reach $118,000–$121,000 in the near term. He stated, "[My prediction is that Bitcoin gets to] $110,500 today. [It should trade between] $118,000 – $121,000 next week."

Source: X/Wynn

Wynn's Track Record and Risk

Wynn's experience includes substantial profits—reportedly $46 million over two months using leverage between 5x and 40x. However, he also recently closed Ethereum and Sui positions at a combined loss of $5.3 million, although offset by a $25.19 million gain on a PEPE trade. His recent Bitcoin trade shows an unrealized profit of approximately $4.2 million (13.4% gain).

Disclaimer

This information is for educational purposes only. Investing in cryptocurrencies involves substantial risk. Conduct thorough research and seek professional advice before making any investment decisions. Codeum offers smart contract audits and security consultations to mitigate risks within the blockchain space.