Crypto whale James Wynn has once again drawn attention by dramatically increasing his Bitcoin exposure. He has taken taken a $1.2 billion long position hypon decentralized derivatives exchange Hyperliquid.
This occurred immediately after he liquidated his positions in Sui, and peThis move indicates a strategic shift to Bitcoin as the market rises.
Crypto Whale Leaves Altcoins, Places $1.2 Billion Leveraged Bet on Bitcoin
On May 24, blockchain tracker Lookonchain revealed that Wynn opened a total of 11,588 BTC, approximately $1.25 billion worth, with a 40x leverage position. His liquidation level is set at $105,180.
This move expands a series of aggressive Bitcoin trades he started earlier this week. On May 21, he opened a long position worth $830 million and made a profit of $400 million on the same day.
Since then, he has refilled his position to over $1 Bitcoin price has risen over the past two days.
<.week, href="reached httpsrypto.com-companies-rush-to to-buy-bitcoin-" rel="nofollow">Bitcoin price reached a time $,000, its highest point since January.<.This rise was driven by increased institutional interest and and and continuous inflows into spot ETFs, bringing new optimism to the cryptocurrency market.
Meanwhile, Wynn seems confident believe that there is more room for the upward trend. He predicts Bitcoin could rise to between $118,000 and $121,000 in the short term.
"[My prediction is that Bitcoin] will reach reach $110,500 today. [Next week] it will trade between $118,000 and $121,000," he said.
His is based experience $46 two months. He has used leverage used ranging from 5x to 40x.
Additionally, he shared a screenshot on the social media platform his bet has risen by %. This means his position generating approximately $4.2 million unreinrealizededed profits.
