Long and short trades put James Wynn almost $24 million in the hole.
(photo of Kanchanara on Unsplash)
Posted May 26, 2025 at 9:52 am EST.
James Wynn, a prominent trader on decentralized exchange Hyperliquid, became the talk of the crypto trading community after dramatically reversing his stance on Bitcoin.
Wynn closed a $1.2 billion long position and opened a $1 billion short position within a day, only to close that position at a $13.4 million loss.
His new short was a highly leveraged 40x position with a liquidation price set at $110,450. He opened the trade betting on a lower bitcoin price after also losing on his long position, taking his total 24-hour losses to $23.7 million.
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As of 4:45 am ET on Monday, bitcoin was trading at around $109,800, up more than 2% in the previous 24 hours.
Bitcoin open interest has surged to record highs in the past week, and currently stands above $75 billion across exchanges, according to data from CoinGlass.
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