A crypto whale has expanded an existing 40x leverage long Bitcoin bet to $1.1 billion on the decentralized exchange Hyperliquid, which has stunned the crypto community and is believed to be the first-ever position exceeding $1 billion on the platform.The X account James Wynn claims to be behind the position, which is now up $36 million on the trade, data from Hypurrscans block explorer shows.A $28.4 million margin position was used across several trades to increase the Bitcoin (BTC) position, now worth $1.13 billion.
The average Bitcoin entry price was $108,065.Perp futures positions of wallet address 0x507.
Source: HypurrscanHe did it fellas, crypto analyst Sigma^2 wrote on X.
First position [on Hyperliquid] to exceed $1B.Wynns long position was at a loss of about $16.3 million before it shot back up as Bitcoin broke through $110,000 on May 21.
The position sits comfortably above its liquidation price of $103,790, as Bitcoin has well surpassed $110,000 and neared $112,000 in early trading on May 22.HyperDash data shows the crypto whale started closing some Bitcoin long positions when Bitcoin was trading around $106,000 on May 20.Change in profit and loss (PnL) from Wynns wallet over the last 24 hours.
A small amount of that PnL includes a position held in kPEPE.
Source: HyperDashThat mfer has nerves of steel, crypto influencer Follis wrote, while others called the trader an absolute mad man or questioned his sense in making the trade.Wynn describes himself as a high-risk leverage trader and memecoin maxi who supposedly called Pepe (PEPE) a buy when its market cap was at $600,000.Related: Is Bitcoin price close to a cycle top? 5 indicators that help traders decideThe crypto whale started using Hyperliquid two months ago, depositing $4.65 million worth of the stablecoin USDC (USDC) onto the platform, Hypurrscan data shows.Theyve completed 32 trades since then, which have included long positions on XRP (XRP), the Official Trump (TRUMP) token, Fartcoin (FARTCOIN) and Toncoin (TON).Hyperliquids DEX is the flagship product on the Hyperliquid layer 1 blockchain, which also offers spot trading and borrowing and lending services, among other things.Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story