James Wynn returns with $19M leveraged Bitcoin long, $100K PEPE bet

7 hours ago

Multimillionaire cryptocurrency trader James Wynn returned contempt galore erstwhile liquidations, signaling renewed assurance successful Bitcoin’s near-term upside momentum.

Wynn returned with 2 caller leveraged positions, including a 40x leveraged Bitcoin (BTC) agelong presumption worthy implicit $19.5 cardinal astatine $117,000, which could beryllium liquidated if the terms fell beneath $115,750. Wynn has already incurred $1.4 cardinal worthy of backing fees to support the position, which has a existent unrealized nett of $78,000.

Wynn’s 2nd presumption is simply a 10x leveraged agelong connected the fashionable Pepe (PEPE) memecoin, worthy implicit $102,000, was opened astatine $0.01201, but the position’s liquidation terms remains unknown, according to blockchain information from Hypurrscan.

Wynn roseate to popularity among crypto enthusiasts astatine the extremity of May, aft his archetypal leveraged $100 cardinal presumption was liquidated connected May 30, erstwhile BTC concisely dipped beneath a 10-day debased of $105,000.

The pseudonymous trader opened a 2nd leveraged $100 cardinal Bitcoin bet connected June 3, earlier helium was liquidated and lost astir $25 million connected June 5, Cointelegraph reported.

After opening his 2nd $100 cardinal leveraged Bitcoin position, Wynn claimed that his liquidation level is being deliberately targeted by orchestrated efforts from large marketplace participants.

“They’re coming for maine again,” wrote Wynn, disclosing his erstwhile liquidation level successful a June 2 X post. “Don’t fto these evil bastards liquidate me,” helium added.

Leveraged positions use borrowed wealth to summation the size of an investment, which tin boost the size of some gains and losses, making leveraged trading riskier compared to regular concern positions.

Illustrating its heightened risks, a crypto whale was liquidated for implicit $308 million connected a 50x leveraged presumption successful March, erstwhile Ether’s (ETH) terms fell beneath its liquidation terms of $1,877.

Market makers are “out of weapon powder,” says Wynn

During his erstwhile leveraged Bitcoin bets, Wynn said that crypto marketplace makers were carrying retired organized efforts to clang Bitcoin’s terms beneath his liquidation level.

“Beautiful timing for a 40x long,” wrote Wynn successful an X post connected Tuesday.

“Never fiscal proposal of course. But the MM’s are retired of weapon powder,” added Wynn aft opening his latest leveraged positions.

Still, not each traders are betting connected Bitcoin’s upside. Popular trader Qwatio opened a 40x leveraged abbreviated presumption worthy implicit $2.3 million, which efficaciously bets connected Bitcoin’s terms decline, according to Hyperdash information shared by blockchain expert EmberCN.

Qwatio was antecedently liquidated 8 times wrong a week, losing a full of $12.5 cardinal crossed its leveraged positions, Cointelegraph reported connected June 30.

PEPE has besides dipped much than 3% implicit the past 24 hours, according to CoinMarketCap, but appears to beryllium recovering.