James Wynn exited a $1 billion short position on Bitcoin, recording a $15 million loss in less than 24 hours.
His trading stance flipped rapidly after closing a $1.2 billion BTC long, followed by aggressive shorting based on technicals.
Combined with earlier trades, Wynn’s total 24-hour losses from BTC positions have reached a significant $27.9 million.
James Wynn has officially closed his $1 billion short position on Bitcoin, incurring a reported $15 million in losses. The move comes less than 24 hours after Wynn took a sharp bearish turn following the closure of a $1.2 billion long position in BTC.
Earlier this week, Wynn projected a near-term Bitcoin rally, forecasting a price of $121,000.His stance did a complete turnaround shortly after, as he started opening short positions, referencing both technical and macroeconomic signals. His trading stance evolved rapidly from bullish to strongly bearish within a matter of hours.
Short Position Hits $1 Billion Mark
Initial short entries began with a $111.8 million trade on 1,038 BTC using 40x leverage. He later expanded this to a full $1 billion short, involving 9,402 BTC. His latest position placed the liquidation level at $110,450 while Bitcoin hovered near $107,000.
Wynn based his short strategy on technical analysis, highlighting low trading volumes and signs of exhaustion in Bitcoin’s momentum. He noted that the 4-hour chart and 50-day moving average signaled a potential pullback. Additionally, external macroeconomic pressure, including a newly proposed 50% tariff policy, contributed to weakening market sentiment.
Bitcoin Volatility Influences Outcome
The short position came at a time when Bitcoin showed significant volatility. The cryptocurrency had just pulled back nearly 4.5% from its all-time high. Wynn’s bet suggested confidence in an imminent correction. However, the market stabilized enough to push against his aggressive position.
Including earlier exits from his long position and the recent short closure, Wynn's combined losses over the past 24 hours reached $27.9 million. Despite entering positions backed by high leverage and timing volatility, market resistance ultimately led to heavy drawdowns.
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