James Wynn Holds $622 Million Bitcoin Long Amid Liquidation Risk
James Wynn has expanded his Bitcoin long position to 5,676 BTC, valued at approximately $622.6 million, with a liquidation price set at $108,010. A decline of just 1.53% could trigger liquidation.
- Bitcoin currently trades around $109,751
- Wynn recently closed parts of his positions, accepting a $4.4 million loss to mitigate liquidation risk
- After closing some positions, his current holdings increased to 5,782 BTC, with a new liquidation price of $107,387.82 and unrealized losses of $10.5 million
Another trader, identified as wallet address 0x2258, has profited $5.6 million in three days by counter-trading Wynn's positions, indicating an emerging strategy within the trading community.
- 0x2258 shorted BTC and ETH when Wynn went long on May 24
- 0x2258 exited shorts for a profit of $1.36 million when Wynn closed his long positions
- The pattern continued, with 0x2258 profiting from Wynn’s subsequent trading decisions
Long-term holders (LTHs) are increasing their accumulation during this period of volatility. The realized capitalization for LTHs has surpassed $28 billion, marking its highest level since April. Analysts suggest that these investors view market dips as opportunities to strengthen their positions.
- Analysts note a double bottom formation, indicating potential bullish reversal
- If support at $109,400 holds, prices above $112,000 are likely