Crypto Whale Places $1.13 Billion Leveraged Long Position on Bitcoin
A crypto whale has executed a significant trade on Hyperliquid, initiating a 40x leveraged long position on Bitcoin valued at $1.13 billion. This marks the first billion-dollar trade on the decentralized exchange. The trader, known as “James Wynn” on X, has an unrealized gain of $36 million according to Hypurrscan data.
- Wynn used $28.4 million in margin for several trades, entering Bitcoin at an average price of $108,065.
- The position faced a potential loss of $16.3 million before Bitcoin prices surged past $110,000 on May 21, ensuring a safe liquidation level above $103,790.
- On May 22, Bitcoin reached near $112,000, further securing Wynn's position.
- Wynn began reducing exposure when Bitcoin was around $106,000 on May 20.
- He is recognized for high-risk trades and early investments in memecoins like Pepe (PEPE).
- Since joining Hyperliquid with a $4.65 million USDC deposit two months ago, he has completed 32 trades, including leveraged bets on XRP, Trump (TRUMP), Fartcoin (FARTCOIN), and Toncoin (TON).
Hyperliquid operates on its own Layer 1 blockchain, offering spot trading, lending, and borrowing within its DeFi services.