Crypto whale James Wynn loses $100,000 after liquidating a short position on Bitcoin with 40× leverage.
After closing a profitable position, crypto whale James Wynn opened a new short position on Bitcoin with 40× leverage, which was fully liquidated, resulting in a loss of $100,000.
His total profit and loss (PnL) reached -$22,014,348.87.
Wynn had announced yesterday, Monday, that he transferred all of his funds from stablecoins (over 30%) to his short positions, expecting a drop in the price of Bitcoin below $92,000 despite optimism regarding the potential end of the U.S. government shutdown.
He indicated that he could either make hundreds of millions through his leveraged short positions or go completely bankrupt. He explained that in case of failure, he would keep Bitcoin in cold storage, delete his account on X, and live with his family benefiting from his other income sources.
Source: James Wynn via X platform + Whale Insider.
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