In the grand theater of financial folly, a certain James Wynn, a trader of the Hyperliquid variety, found himself in a most unfortunate predicament. His Bitcoin long bets, those audacious wagers on the digital gold, were liquidated to the tune of nearly $100 million, all because Bitcoin decided to dip below the illustrious threshold of $105,000. Oh, the irony! 🎭
Wynn, with the bravado of a gambler at a roulette table, had placed two significant long leveraged positions on Bitcoin (BTC), convinced that the cryptocurrency would soar to the heavens. Alas, on the fateful day of May 30, as BTC plummeted to a 10-day low, the onchain data revealed the grim truth: his positions were liquidated for a staggering $99.3 million. Talk about a financial nosedive! 🪂
The first act of this tragicomedy saw 527.29 BTC, valued at $55.3 million, liquidated as Bitcoin flirted with $104,950. The second act was no less dramatic, with 421.8 BTC worth $43.9 million meeting a similar fate as Bitcoin sank to $104,150, according to the ever-watchful Hyperliquid analytics platform, Hypurrscan. 🎢
But wait, there’s more! On May 29, another of Wynn’s positions, a mere 94 BTC worth $10 million, was liquidated at $106,330. In total, a staggering 949 BTC were swept away, leaving Wynn with a loss that would make even the most stoic investor weep. Arkham Intelligence and Lookonchain, those diligent observers of the crypto cosmos, noted that Wynn had lost almost $100 million in the span of a week. Ouch! 😱
As the clock struck May 30, Bitcoin prices wicked down to $104,630 on Coinbase, according to TradingView, but the price had taken an even deeper plunge on other trading platforms. It was a veritable bloodbath! 🩸
Wynn, in a moment of reckless abandon, had increased his 40x leverage long Bitcoin bet to a jaw-dropping $1.25 billion on May 24. But alas, the asset tumbled, spurred on by the ominous whispers of tariffs from none other than US President Donald Trump. Who knew politics could crash a party? 🎉
In a fit of existential reflection, Wynn took to X, sharing a cryptic post featuring a screenshot from the 1999 sci-fi classic The Matrix, where the indomitable Neo, played by the ever-cool Keanu Reeves, stops bullets in mid-air. If only Wynn could stop his losses as easily! 🕶️
Despite the chaos, he still clings to his 40x leveraged long position in a perpetual contract, according to Hypurrscan. This long bet was opened when Bitcoin was at a lofty $107,993 and now languishes in an unrealized loss of $3.4 million. A true testament to the rollercoaster that is cryptocurrency! 🎢
An “extreme degenerate”
James Wynn first captured the public’s imagination with his memecoin picks, particularly his investment in the Pepe (PEPE) memecoin, which had him swimming in millions. 🐸💰
On the eve of his great liquidation, he boldly proclaimed himself an “extreme degenerate,” taking on high-risk leverage trades, while lamenting that he stood to lose everything. A true philosopher of the financial abyss! 🧙♂️
“I do not follow proper risk management, nor do I claim to be a professional; if anything, I claim to be lucky. I’m effectively gambling. And I stand to lose everything. I strongly advise people against what I’m doing!”
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2025-05-30 07:40