James Wynn Dumps Hyperliquid, Builds New BTC Position

Renowned crypto trader James Wynn, known for his $100 million loss on Bitcoin bets, has officially exited perpetual trading. Alongside this decision, Wynn unstaked and sold his entire holding of Hyperliquid (HYPE) tokens earlier today. The Hyperliquid decentralized exchange had been a key platform for his billion-dollar Bitcoin trades.

Update: A few hours later, Wynn also opened up a new leveraged position for Bitcoin. In his comeback, the trader opened a $99.5 million long position on Bitcoin (945 BTC) with 40x leverage. The position carries a liquidation price of $104,580.

James Wynn Liquidates All of His Hyperliquid Tokens

Renowned crypto trader James Wynn has executed a major move in the DeFi space, unstaking and selling his entire holding of 126,116 HYPE tokens for $4.13 million. After conducting the sale at an average HYPE price of $32.72 per token, Wynn also withdrew of all USDC from the Hyperliquid platform, reported blockchain analytics platform Spot On Chain.

Wynn initially purchased the HYPE tokens on May 9 and 12 at an average price of $24.84, amounting to a total investment of $3.13 million. With this recent transaction, Wynn booked an estimated profit of $1 million, with a solid 31.9% return on investment in a short period.

Although James Wynn lost $99 million on Bitcoin Bets, the crypto community has been praising decentralized exchange Hyperliquid for handling $1 billion in perpetual trades so swiftly.

Decentralized finance platform Hyperliquid has achieved a milestone with its 30-day rolling average revenue climbing to an all-time high of $2.3 million. This positions the platform at an impressive $840 million in annualized revenue run-rate.

May has proven to be a standout month for Hyperliquid, accounting for 9 out of its 13 days with $3 million in revenue, as per data shared by shaunda devens. Last week, the HYPE tokens hit an all-time high of $38. Although it faced some pullback to $32 , it is still standing at 62% gain on the monthly chart.

Wynn Bids Adieu to Perpetual Trading

In his latest message on X platform, James Wynn stated that he would be taking a break from perpetual trading for a while, after booking a net loss of $17.5 million in recent trades. Wynn wrote:

“I’ve decided to give perp trading a break. Thank you Hyperliquid for your hospitality. Your service, impeccable. Your platform exquisite. The time has come for me to return to where I came from. The place that helped carve me into the gigantic degenerate I’am today”.

Additionally, James Wynn has voiced strong criticism of market practices wherein big players exploit the transparency of DEXs. Binance CEO Changpeng Zhao has jumped in as a result, has called for a dark pool “DEX” to protect traders’ privacy and security.

After closing all his Bitcoin positions, the crypto trader is now betting on Moonpig memecoin, which has already gained a massive 600% over the past month.