Snapshot as of 03 June 2025, 01:00 UTC
Asset: BTC
Leverage: 40x
Position Size: 944.9342 BTC
Position Value: Approximately $100.5 million
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Initial Position and Liquidation Price
James Wynn opened a 40x leveraged BTC long position with 944.93 BTC, worth roughly $99.6 million, at an entry price of $105,890.30. The initial liquidation price was set at $104,580. At opening, the position was already showing an unrealized loss of about $455,000 due to immediate market fluctuations.
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Immediate Market Pressure
According to a post on X (formerly Twitter), within seconds of the position being opened, market makers aggressively pushed the price down toward the liquidation price of $104,580, seemingly attempting to trigger the liquidation and capitalize on the move.
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Adding Margin to Lower Liquidation Price
To avoid liquidation, James Wynn added margin twice, gradually lowering his liquidation price. The first adjustment brought it down to $104,151, providing some breathing room, followed by a further reduction to $103,623.59.
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The Close Call — A $36 Buffer
On 2 June at around 14:00 UTC, BTC price dipped sharply to $103,659.88, just $36 above the liquidation price of $103,623.59 — a razor-thin margin of less than 0.035%. The position was dangerously close to being liquidated.
Remarkably, despite this tight squeeze, the position remained open and was not liquidated. This narrow escape can largely be attributed to timely margin additions and a bit of market luck.
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Current Position Status (01:00 UTC, 3 June 2025)
Entry Price: $105,890.30
Current Price: $106,367.00
Liquidation Price: $103,623.59
Position Value: $100,509,812.86
Position Size: 944.9342 BTC
Unrealized PnL: +$450,357.66 (+17.92%)
Margin Used: $2,512,745.32
Funding Paid: -$21,309.27
BTC price bounced back above $106,000 after the near liquidation event, turning the unrealized loss into a profit of over $450,000.
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Summary
James Wynn’s $100M+ BTC long position at 40x leverage faced extreme risk shortly after opening:
The position was quickly targeted by market makers pushing BTC price near liquidation.
Margin additions lowered the liquidation price twice, providing some protection.
The position nearly got liquidated when BTC dipped to just $36 above the liquidation price — a margin of less than 0.035%.
Ultimately, the position survived and later turned profitable as BTC price rebounded.
This case highlights both the critical importance of active margin management and the role of market conditions — sometimes, a bit of luck can make all the difference when trading with such high leverage and large exposure.
