From Pepe Profits to Bitcoin Focus

Before opening this massive position, Wynn liquidated his $PEPE holdings with a $25.2 million profit, reallocating the funds. According to on-chain analysis platform Lookonchain, Wynn entered a position of 11,588 BTC on May 24, with an average entry price of $108,243. The liquidation level was recorded as $105,180.

This move came just after Wynn closed his Ethereum and Sui positions at a $5.3 million loss. With the proceeds, he raised his Bitcoin long to 11,070 BTC.

Wynn had initially opened a long position worth $830 million on May 21. On the same day, he reduced the position by $400 million in profits. However, on May 22, he doubled down, increasing the position to $1.1 billion. As Bitcoin surpassed $110,000, he gained $39 million on paper. Later, he sold 540 BTC for $60 million, securing a realized profit of $1.5 million.

Trump’s Tariff Shock Hits the Markets

On May 23, Trump’s high-tariff announcement targeting EU imports led to a sharp selloff across both traditional and crypto markets. As a result, Bitcoin fell below $107,000, Ether dropped to $2,504, and memecoins experienced heavy losses.

According to data tracked by HypurrScan, Wynn recorded losses of over $29 million in a single day. Despite this, his all-time trading profit still exceeds $57 million, with a monthly gain around $46 million.

High Leverage Means High Risk

Wynn describes himself as a high-risk leverage trader and memecoin enthusiast. He’s notably remembered for calling $PEPE a buy when its market cap was just $600,000.

Actively using Hyperliquid for the past two months, Wynn reportedly deposited $4.65 million in USDC on the platform. Hyperliquid operates as a decentralized exchange (DEX) on its own Layer-1 blockchain, offering leverage trading, spot trading, and lending services.

However, Wynn’s aggressive leverage strategies leave him exposed to market volatility. With Bitcoin trading around $109,000, a sharp downturn could trigger liquidation.

This content does not constitute investment advice. The markets involve high risk and it is important that you do your own research before making any investment decisions.

You can join our Telegram channel to not miss the news and stay informed about the crypto world.

The post Hyperliquid Trader Wynn Raises Bitcoin Long Position to $1.25 Billion! appeared first on Coin Engineer.

According to data from CoinGlass, bullish derivative investors of all cryptocurrencies lost a total of $260 million in the last 24 hours. In contrast, derivative investors who shorted their assets faced fewer losses; Short liquidations amounted to only $25 million.

A large portion of these long position liquidations occurred at Mt. Gox custodian’s announcement that creditors will start paying Bitcoin and Bitcoin Cash next week. In the last 4 hours, long liquidations on all assets reached $110 million. Currently, the price of Bitcoin is at $60,855, which is one of the lowest levels in the last 24 hours. Bitcoin last saw these price levels in mid-May and has fallen close to 12% in the last 30 days.

Bitcoin Cash (BCH) experienced an even more serious decline and decreased by 9% in the last 24 hours, falling to $ 350. BCH has lost almost 30% of its value in the last 30 days. Both BTC and BCH are traded in Mt. Gox will be distributed to its creditors. However, this process may take some time because the completion date for the repayments of all creditors is set as October 31, 2024.

These declines in the prices of Bitcoin and Bitcoin Cash, Mt. Gox is associated with the expectation that payments to its creditors will cause excess supply in the market. This pressure in the market negatively affects especially bullish derivative investors and can change market dynamics.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post $100 Million Long Position Became Liquid as Bitcoin Dropped Below $61,000 appeared first on Coin Engineer.