Cryptocurrency Trader Wynn Loses $118M From $1B Bitcoin Bet Amid Price Decline

Cryptocurrency trader James Wynn, who had wagered over $1 billion on bitcoin (BTC), has seen losses exceeding $118 million after liquidation triggered by a dip in bitcoin's price below $105,000. Data from Arkham Intelligence reveals Wynn's liquidation on four positions totaling 1,134 BTC (over $118.8 million).

He also has an open position with 40x leverage on the decentralized exchange Hyperliquid, which currently has an unrealized loss of $4.7 million. Despite the losses, Wynn maintains that buying and holding BTC is a better strategy. His liquidations were triggered when BTC hit certain lower thresholds. Wynn had previously increased his bet as BTC's price rose, believing it could reach targets of $115,000-$118,000 this week, a prediction that did not materialize.