Multimillionaire cryptocurrency trader James Wynn returned despite numerous previous liquidations, signaling renewed confidence in Bitcoins near-term upside momentum.Wynn returned with two new leveraged positions, including a 40x leveraged Bitcoin (BTC) long position worth over $19.5 million at $117,000, which could be liquidated if the price fell below $115,750.
Wynn has already incurred $1.4 million worth of funding fees to maintain the position, which has a current unrealized profit of $78,000.Wynns second position is a 10x leveraged long on the popular Pepe (PEPE) memecoin, worth over $102,000, was opened at $0.01201, but the positions liquidation price remains unknown, according to blockchain data from Hypurrscan.James Wynns address.
Source: HypurrscanWynn rose to popularity among crypto enthusiasts at the end of May, after his first leveraged $100 million position was liquidated on May 30, when BTC briefly dipped below a 10-day low of $105,000.The pseudonymous trader opened a second leveraged $100 million Bitcoin bet on June 3, before he was liquidated and lost nearly $25 million on June 5, Cointelegraph reported.Related: Bitcoin flips Amazons $2.3T market cap to become 5th global assetAfter opening his second $100 million leveraged Bitcoin position, Wynn claimed that his liquidation level is being deliberately targeted by orchestrated efforts from major market participants.Theyre coming for me again, wrote Wynn, disclosing his previous liquidation level in a June 2 X post.
Dont let these evil bastards liquidate me, he added.Related: Grayscale submits confidential IPO filing with SECLeveraged positions use borrowed money to increase the size of an investment, which can boost the size of both gains and losses, making leveraged trading riskier compared to regular investment positions.Illustrating its heightened risks, a crypto whale was liquidated for over $308 million on a 50x leveraged position in March, when Ethers (ETH) price fell below its liquidation price of $1,877.During his previous leveraged Bitcoin bets, Wynn said that crypto market makers were carrying out organized efforts to crash Bitcoins price below his liquidation level.Beautiful timing for a 40x long, wrote Wynn in an X post on Tuesday.Never financial advice of course.
But the MMs are out of gun powder, added Wynn after opening his latest leveraged positions.Source: James WynnStill, not all traders are betting on Bitcoins upside.
Popular trader Qwatio opened a 40x leveraged short position worth over $2.3 million, which effectively bets on Bitcoins price decline, according to Hyperdash data shared by blockchain analyst EmberCN.Qwatio 40x leveraged Bitcoin short position.
Source: HyperdashQwatio was previously liquidated eight times within a week, losing a total of $12.5 million across its leveraged positions, Cointelegraph reported on June 30.PEPE has also dipped more than 3% over the past 24 hours, according to CoinMarketCap, but appears to be recovering.Magazine: Baby boomers worth $79T are finally getting on board with Bitcoin