James Wynn, a prominent crypto trader, has opened a short position against Bitcoin with high leverage at 40x. This $1.49 million bet has attracted attention in the crypto community due to the high risks associated with current market conditions.
Wynn’s Short Position on Hyperliquid
Wynn opened a short bet on Bitcoin on the Hyperliquid platform worth $1.49 million, translating to 13.9 BTC. Bitcoin is currently experiencing a rise of 5.2% over seven days, 2.5% over 30 days, and 76.7% over the year, increasing the risk of liquidation for Wynn amid price fluctuations.
Proposed Deposit for Increased Leverage
The trader plans to deposit $75 million on Hyperliquid if the platform raises the maximum leverage to 50x. The proposed deposit would be used for long positions, indicating a strategic flexibility in the trader’s approach.
Shifts in Bitcoin Accumulation Strategy
Wynn remarks on changes in meme coin culture; however, his main priority remains on Bitcoin accumulation. He advises buyers to make small incremental purchases of 0.01 BTC to avoid difficulties with large purchases in rising price conditions.
James Wynn continues to demonstrate a strategic approach to trading, opening short positions against Bitcoin, while expressing optimism regarding the long-term accumulation of this cryptocurrency.
