- James Wynn opened a 684.11 BTC long position with 40x leverage, valued at $75 million.
- Wynn closed $1 billion worth of 40x leveraged short positions, incurring a $15.87 million loss.
- Bitcoin price rose 2.14% to $109,579.16, supported by increased market volume and buying pressure.
In a recent development, cryptocurrency trader James Wynn recently opened a substantial long position in Bitcoin. Wynn’s new trade involves 684.11 BTC, valued at approximately $75 million, using 40x leverage. This aggressive position sets the liquidation price at $103,190. This development follows Wynn’s earlier activity in the Bitcoin market, where he closed large short positions.
Closing of Billion-Dollar Short Positions
Earlier, Wynn exited his 40x leveraged short positions worth close to $1 billion. The closure resulted in a loss of around $15.87 million. This marked the end of Wynn’s short stance on Bitcoin, which involved significant risk due to the high leverage used. The loss reflects the volatility of the market during the period he held these shorts.
Opening a 40x leveraged long exposes Wynn to rapid gains or losses, depending on Bitcoin’s price movements. The liquidation price at $103,190 represents the threshold where his position would automatically close to prevent further loss. This type of trading indicates Wynn’s strong conviction in Bitcoin’s near-term price direction despite previous losses on short trades.
BTC Current Market Movement Revealed
Tracking the current market movement, CoinMarketCap data indicates that Bitcoin’s current price stands at $109,579.16, showing a 2.14% increase in the past 24 hours. The market capitalization reaches $2.17 trillion, rising by 2.14%. Bitcoin’s 24-hour trading volume totals $46.36 billion, up by 5.15%. The circulating supply remains at 19.87 million BTC, close to the maximum supply of 21 million BTC.
Source: CoinMarketCap
The fully diluted valuation (FDV) is approximately $2.3 trillion. The price chart shows an initial dip to around $107,720 before rising sharply past $109,000. The upward movement continued steadily throughout the day, peaking near $110,000. Market activity indicates increased buying pressure and volume in the latest trading period. Overall, the data reflects positive momentum for Bitcoin, with significant volume supporting the recent price increase.
From this development, it is notable that James Wynn shifted from a high-leverage short position to a similarly leveraged long position. His long position holds 684.11 BTC valued at $75 million. Previously, his $1 billion short position closed with a $15.87 million loss. This sequence reveals Wynn’s active and high-risk approach in the Bitcoin futures market . Wynn’s latest move adds to the ongoing narrative of volatility and aggressive trading strategies in cryptocurrency markets.
