James Wynn, a well-known crypto trader, is back in action, opening new positions in Bitcoin and memecoins despite recent significant losses.
New Positions in Bitcoin
According to blockchain data from Hypurrscan, Wynn has opened a new 40x leveraged long position in Bitcoin worth over $19.5 million at around $117,000. This trade is at risk of liquidation if Bitcoin dips below $115,750. Wynn has already paid $1.4 million in funding fees to maintain this position.
Investments in Memecoins
In addition to his Bitcoin position, Wynn has also opened a 10x leveraged long position in the memecoin PEPE, valued at just over $102,000. The entry price was $0.01201, although the exact liquidation level has not been disclosed.
Trading Strategies and Risks
Wynn's comeback comes just weeks after two earlier $100 million Bitcoin bets were liquidated. The first was wiped out on May 30 when BTC briefly fell below $105,000. A second attempt on June 3 met a similar fate, leading to losses nearing $25 million. Still, Wynn remains undeterred, posting on X that 'they're coming for me again' and claiming that 'beautiful timing for a 40x long,' stating that 'market makers are now out of gun powder.'
Despite recent losses, James Wynn continues to trade actively, opening new positions that highlight the high risks and volatility of the cryptocurrency market. Other traders, such as Qwatio, are also facing challenges by making opposing bets.
