On May 29, major player James Wynn in the crypto space made another big move! He just withdrew 2.78 million USDC (about 2.78 million USD) from Binance and dumped it all into a trading platform called Hyperliquid, increasing his Bitcoin long position (betting on a rise) directly to 760 million USD! Now he holds 7,029 Bitcoins, with an opening price of 108,000 USD and a liquidation price (margin call price) of 107,000 USD, but he has already lost 220,000 USD on paper.
His willingness to increase his position while facing a loss indicates that he is determined to believe that Bitcoin will rise again. The opening price of 108,000 USD is certainly higher than the current Bitcoin price (otherwise he wouldn't be losing), yet he is still betting on a rebound.
The liquidation price of 107,000 USD is just over 1,000 USD away from the current price. If Bitcoin drops slightly, his 760 million position could be liquidated, resulting in total loss.
He is using USDC as collateral, which is more flexible than directly buying Bitcoin. If the price goes up, he profits in Bitcoin; if it goes down, he loses stablecoins. However, the higher the leverage, the more explosive the risk—at 40x leverage, a 2.5% drop in Bitcoin leads to immediate liquidation.
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