James Wynn's $98M BTC long is down 73%, with liquidation looming as Bitcoin hovers just above his $103,640 risk threshold.
Wynn cycled over $3M USDC into Hyperliquid, rapidly repositioning after dumping $4.1M in HYPE to fund the high-leverage bet.
Wallets sent Wynn $1 USDC in bursts, triggering speculation that airdrop hunters expect future rewards despite no token plans.
James Wynn has taken a $98.2 million long position on Bitcoin using 40x leverage, entering at $105,890 per BTC. With Bitcoin currently trading around $103,947, the position is down 73.4%, leaving Wynn with an unrealized loss of $1.83 million and a liquidation price of $103,640.
https://twitter.com/arkham/status/1929534201352573309
Arkham Intelligence, which has been tracking Wynn’s wallet activity, confirmed the position’s details, including its cross-margin backing of just $1.5 million. Despite the mounting losses, Wynn deposited $20,460 in USDC into his Hyperliquid account to shift the liquidation price slightly to $103,610, Arkham noted in a visual update.
Transaction Patterns Reveal Aggressive Positioning
Arkham’s transaction map shows significant outflows to centralized exchanges such as Binance and ChangeNOW, alongside inflows from wallets tied to OpenSea and bridge protocols. “Wynn unstacked and sold $4.1M of HYPE for USDC, then went straight back to the casino,” Arkham stated in an update on X.
In just seven hours, Wynn moved over $3 million USDC to Hyperliquid via multiple large transactions, $1 million, $500,000, $480,962, and others. These were preceded by a $4.127 million inflow from Hyperliquid: Bridge and $464,259 from Bybit, signaling constant liquidity recycling.
Portfolio Value Collapses from April High
Wynn’s current holdings total $9,637.78, down sharply from a $3.5 million peak in late April. According to Arkham, the wallet holds 3,654 USDC, 9,223 BAYPIPE ($3,450), 0.137 ETH ($247), and 10,000 PEPE ($111), alongside negligible balances of LUM and APU.
Fluctuations in liquidity metrics suggest underlying pressure across Wynn’s portfolio. Sentiment remains tentative, with signs that active trading has not offset broader capital erosion in May.
Micro-Transactions Spark Airdrop Farming Speculation
Arkham also observed 24 wallets sending exactly $1 USDC to Wynn in a burst pattern, speculated to be an airdrop farming maneuver. These transactions, many tagged “JWYNN Donation,” created a dense clustering of inflows on-chain.
Seventeen stablecoin inflows totaling $64.41 were logged within minutes, including $26.87 from wallet 0xFdEd...b20d and $10.22 from OpenSea-linked accounts. Market participants are shifting exposure in real time as signals emerge, eyeing future token drops.
Analysts Sound Caution as Price Nears Key Levels
Crypto University remarked, “James should take a break from trading,” reflecting a common view. Still, traders remain alert, mindful of headwinds tied to leverage risks as Bitcoin hovers near Wynn’s liquidation mark.
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