Trader James Wynn Shifts from $1B Bitcoin Bet to $1M Long on Pepe
A notable crypto wallet has shifted focus from bitcoin to pepe (PEPE) after previously holding a billion-dollar position on bitcoin. Key points include:
- The wallet, linked to trader “James Wynn,” invested $1 million in PEPE at 10x leverage.
- This move followed a closed $1.2 billion BTC long position, resulting in a $17.5 million loss.
- Wynn then opened a $1 billion short position with 40x leverage, betting on bitcoin’s decline.
- The short position was initiated at an average price of $107,077 and has netted approximately $3 million in profit.
- If bitcoin exceeds $110,446, the short could be liquidated without additional collateral.
- Wynn reported total profits of $25 million and announced plans to exit perpetual trading.
Wynn stated, "Now decided to leave the casino with my $25,000,000 profit."