Crypto Whale James Wynn made headlines again after dramatically increasing his Bitcoin exposure. He placed a $1.2 billion long position on Hyperliquid, a dispersed derivative exchange.
This comes shortly after he closed positions at Ethereum, Sui and Pepe. This move shows a strategic shift towards Bitcoin as the market gathers.
Crypto Whale leaves altcoin and places a $1.2 billion leveraged bet on Bitcoin
On May 24, blockchain tracker LookonChain revealed that Wynn had opened a leverage position of 40 times the total of 11,588 BTC. His liquidation level is set at $105,180.
The move extends a series of aggressive Bitcoin trading that Wynn launched earlier this week. On May 21, he opened a long position worth $830 million, earning $400 million from that same day.
Since then, he has reloaded his position to over $1 billion as Bitcoin prices have risen over the past two days.
Over the past week, Bitcoin prices have jumped to a new all-time high of over $111,000. This is the best point since January.
The surge was driven by a growing institutional interest and a continuous influx of spot ETFs, driving new optimism throughout the crypto space.
Meanwhile, Wynn seems confident that there is more room for the rally to run. He predicts that BTC could rise from $118,000 to $121,000 in the short term.
“(My prediction is that Bitcoin will reach it) is $110,500 today.
His conviction is based on experience as he reportedly made $46 million in two months of stretching using leverage of five to 40 times.
Additionally, he also shared a screenshot of social platform X, showing his latest Bitcoin long bet has increased by 13.4%. This means that the position generated around $4.2 million in unrealized profits.
Still, his track record is scarred. He recently closed his position at Ethereum and SUI, damaging a total of $5.3 million. However, he offset these setbacks with a profit of $25.19 million in trade in which Pepe is involved.
Disclaimer
In compliance with Trust Project guidelines, Beincrypto is committed to reporting without bias and transparent. This news article is intended to provide accurate and timely information. However, we recommend that readers independently verify the facts and consult with experts before making decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
