Source: Cointelegraph
Original: “Hyperliquid Sees $1 Billion Bitcoin (BTC) Long Bet with 40x Leverage”
A crypto whale has expanded an existing 40x leveraged Bitcoin (BTC) long bet to $1.1 billion on the decentralized exchange Hyperliquid, shocking the crypto community, as this is believed to be the first position on the platform exceeding $1 billion.
An X account named “James Wynn” claims to be the mastermind behind the position, and according to data from the Hypurrscan blockchain explorer, the position is currently up $36 million in trading profits.
The whale used $28.4 million in margin through multiple trades to increase the Bitcoin position to its current $1.13 billion. The average entry price for Bitcoin was $108,065.
“This person truly has a will of steel,” wrote crypto influencer Follis, while others referred to the trader as an “absolute madman” or questioned the sanity of making such a trade.
Crypto analyst Sigma^2 wrote on X: “He did it, guys. The first position over $1 billion on Hyperliquid.”
Wynn's long position was down about $16.3 million before Bitcoin broke $110,000, but as Bitcoin surpassed that price on May 21, the position quickly rebounded. The current Bitcoin price has far exceeded $110,000, nearing $112,000 in early trading on May 22, with the position's liquidation price at $103,790, placing it in a relatively safe position.
HyperDash data shows that this crypto whale began to close part of the Bitcoin long position when Bitcoin was trading around $106,000 on May 20.
Wynn describes himself as a high-risk leveraged trader and meme coin enthusiast, reportedly calling for purchases when Pepe (PEPE) had a market cap of only $600,000.
According to Hypurrscan data, this crypto whale started using Hyperliquid two months ago, depositing $4.65 million worth of stablecoin USDC onto the platform.
Since then, he has completed 32 trades, including long positions in Ripple (XRP), Official Trump (TRUMP) token, Fartcoin (FARTCOIN), and Toncoin (TON).
Hyperliquid's decentralized exchange (DEX) is the flagship product on the Hyperliquid Layer 1 blockchain, which also offers various features such as spot trading and lending services.
Related: Bitcoin (BTC) Hits New Highs Without “Unhealthy” Leverage—Will the Rally Continue?
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