Anonymous Trader Profits $9 Million Betting Against James Wynn
An anonymous trader has profited $9 million by betting against billionaire trader James Wynn over the past week. Key points include:
- The trader, known as “0x2258,” placed short trades totaling approximately $123 million on Bitcoin and $73 million on Ethereum.
- Wynn is currently facing an unrealized loss of around $4 million on a 40x long Bitcoin position with an entry price of $109,552; his liquidation price is $107,280.
- Bitcoin is consolidating between $108,700 and $110,000, trading at $108,900 with a market cap of $2.16 trillion.
- Wynn transferred 203 billion PEPE tokens worth $2.82 million to Binance, potentially to fund his Bitcoin trades.
- Since late May, Wynn has incurred over $53 million in losses due to liquidations despite previous impressive gains exceeding $87 million from April 19 to May 23.
If Bitcoin’s value declines further, Wynn could face full liquidation of his capital if he does not close his position.