- James Wynn, a trader on the Hyperliquid platform who once held a nominal position valued at a billion dollars, has taken a hit due to a decline in investor appetite for Bitcoin.
Wynn's current position in Bitcoin, which uses high leverage, seems to be struggling significantly to maintain, as he incurred a loss of nearly $100 million over the past week.
Data from the Hyperdash platform shows that Wynn's margin usage is nearing 100%, meaning his position could be fully liquidated automatically. However, Wynn recently deposited $376,000 to bolster his financial position and avoid liquidation.
The trader, known by the nickname "moonpig" on the platform, currently holds a long position of approximately 1,690 Bitcoin, valued at around $178.78 million.
On-chain data shows that Wynn's bets on Bitcoin, which use leverage of up to 40 times, are currently carrying an unrealized loss estimated at $3.5 million, equivalent to a negative return of 77%.
As Bitcoin is currently trading near $106,000, just above Wynn's liquidation price of about $104,607, any further decline in the price of the digital asset could lead to an automatic and forced liquidation of his position.