The significant drop of Bitcoin below the $105,000 mark has led to a near $100 million loss for a Hyperliquid trader, identified as James Wynn. Wynn had made considerable long leveraged bets on Bitcoin, anticipating a surge in the cryptocurrency’s price. However, the downturn in Bitcoin’s value led to the liquidation of these positions, costing him around $99.3 million on May 30, when Bitcoin reached a 10-day low.
Wynn’s first position of 527.29 BTC, valued at $55.3 million, got liquidated when Bitcoin dropped to $104,950. His second position involving 421.8 BTC, amounting to $43.9 million, was liquidated after Bitcoin further decreased to $104,150. This data comes from the Hyperliquid analytics platform, Hypurrscan.
Another position held by Wynn, comprising 94 BTC worth $10 million, was liquidated when Bitcoin fell to $106,330 on May 29. Collectively, these positions saw 949 BTC liquidated. Arkham Intelligence and Lookonchain have reported that Wynn’s cumulative losses over the past week approximate $100 million.
Wynn had increased his 40x leveraged long Bitcoin bet to $1.25 billion on May 24. The downside was experienced when Bitcoin’s value declined following discussions of tariffs by US President Donald Trump. Despite the setback, Wynn still keeps his 40x leveraged long position open in a perpetual contract, which currently sits at an unrealized loss of $3.4 million, as per Hypurrscan.
Previously known for his successful memecoin picks, particularly the Pepe memecoin, Wynn has admitted to being an “extreme degenerate” who engages in high-risk leverage trades. He warns others against following his path, stating, “I do not follow proper risk management, nor do I claim to be a professional; if anything, I claim to be lucky. I’m effectively gambling. And I stand to lose everything. I strongly advise people against what I’m doing!”
