The theory that James Winn is a fake trader performing two specific functions continues to seem sound.
Let's remind both functions:
1️⃣Through Winn, another position is hedged (most likely on Binance). Thus, he is simply one 'leg' of a market neutral strategy.
2️⃣Since the moment Winn's account attracted worldwide attention, he has also played the role of a reputational battering ram, demonstrating the drawbacks of the decentralized exchange Hyperliquid. Accordingly, the position opened on Winn's side always has less chance of being successful within the framework of a market neutral combination by a very large player with insider information.
◽️Despite the bullish market and some period with profit, Winn is again sitting on huge losses. Over the week, his PnL was approximately -$1.2 million 🔻
◽️And this is in a rising market, where it is not so difficult to trade. Moreover, Winn gained fame precisely during the period of bullish short-term cycles, as he belonged to the category of network marketers inflating stories about 'Bitcoin to a million in two months.' And suddenly, even in such a market, he is sitting on large losses. That is, no matter what happens with the quotes, he ultimately generates a loss. At the same time, he always manages to find half a million dollars for a new deposit.
✅ A lot has been written in the comments about this case; you can search for the relevant keywords in the chat.
➡️ The conclusion here is simple: Winn can be useful as an indicator. He is a kind of 'reverse King Midas.' His trades can be followed here.
➡️ At the same time, there is no convincing evidence for the theory. This is just a version based on the analysis of publicly available information.