A mysterious crypto whale known as "James Wynn" has recently made waves in the crypto community by expanding an existing 40x leverage long Bitcoin bet to a staggering $1.1 billion on the decentralized exchange Hyperliquid. This move is believed to be the first-ever position exceeding $1 billion on the platform and has left many in awe.

Data from Hypurrscan's block explorer reveals that Wynn's position is currently up $36 million on the trade. The massive $1.1 billion Bitcoin position was achieved by using a $28.4 million margin across several trades, with an average entry price of $108,065 per Bitcoin.

The crypto community has been abuzz with excitement and disbelief at the audacity of Wynn's trading strategy. Crypto analyst Sigma^2 expressed astonishment at the achievement, calling it the "First position [on Hyperliquid] to exceed $1B."

Wynn's bold move was initially at a loss of around $16.3 million before Bitcoin surged past $110,000 on May 21, bringing the position back into profit territory. With Bitcoin trading near $112,000 in early trading on May 22, the position is comfortably above its liquidation price of $103,790.

HyperDash data indicates that the crypto whale began closing some Bitcoin long positions when the price was around $106,000 on May 20. Despite the risks involved, Wynn's trading strategy has garnered admiration from some in the crypto space, with one influencer describing him as having "nerves of steel."

Not much is known about the enigmatic figure behind the "James Wynn" alias. Wynn describes himself as a high-risk leverage trader and memecoin enthusiast who famously touted Pepe (PEPE) as a buy when its market cap was at $600,000.

The crypto whale has been active on Hyperliquid for the past two months, depositing $4.65 million worth of the stablecoin USDC onto the platform. In that time, Wynn has completed 32 trades, including long positions on a variety of tokens such as XRP, the Official Trump token, Fartcoin, and Toncoin.

Hyperliquid's decentralized exchange is the flagship product on the Hyperliquid layer 1 blockchain, offering a range of services including spot trading, borrowing, and lending. Wynn's bold trading activities serve as a testament to the high-stakes and fast-paced nature of the crypto market, where fortunes can be made

Source: https://cointelegraph.com/news/hyperliquid-first-ever-1-billion-bitcoin-bet-40x-leverage?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound