James Wynn, a prominent and often controversial on-chain trader known for placing large, directional leveraged bets—and for experiencing equally substantial liquidations—has returned to the crypto derivatives market with a major position in Bitcoin.
Despite having recently stated his intention to step away from leverage trading, on-chain data now confirms that Wynn has opened a new $50 million long position on Bitcoin (BTC), signaling a dramatic shift in strategy. The move once again places him at the center of high-risk speculation in crypto’s perpetual futures markets.
According to blockchain analytics platforms Arkham and Hyperliquid, Wynn’s position comprises approximately 437 BTC with 40x leverage, entered at a price of $105,560, totaling roughly $46.1 million. At last check, the mark price was near $105,571, leaving the position nearly breakeven with a minimal unrealized gain of $2,086—a mere 0.2% move, negligible at this scale.
The position carries a liquidation threshold of $102,849, meaning that even a 2.5% decline in Bitcoin’s price could result in a total wipeout.
A Risky Reentry Following a Historic Loss
This bold reentry follows Wynn’s widely reported liquidation earlier this year, in which he lost over $100 million—one of the largest single perpetuals losses publicly recorded in 2025.
Blockchain activity shows Wynn has continued to move capital aggressively across major platforms. Over the past 48 hours, wallet data indicates more than $8 million in USDC has been transferred through Wynn-linked addresses, with individual transactions ranging from $500,000 to $2.7 million. These flows suggest active positioning behavior typically associated with high-leverage trading strategies.
Market Context
At present, Bitcoin is trading just above $105,500, down approximately 3% over the past 24 hours and over 5% from its recent local highs. Market conditions remain volatile as funding rates adjust and liquidity diminishes ahead of the weekend, contributing to a precarious environment for leveraged positions such as Wynn’s.
