Murtuza J Merchant
2 min read
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Pseudonymous crypto trader James Wynn, known for his high-leverage strategies, suffered losses exceeding $110 million after Bitcoin‘s (CRYPTO: BTC) price slipped below key support levels on Friday.
Wynn had taken a bold bet on Bitcoin’s upward trajectory, opening a massive $830 million long position on May 21, acquiring over 7,700 BTC at roughly $105,000 per coin.
By May 24, he had increased his exposure to 11,588 BTC, pushing his position’s value to $1.25 billion at an average cost of $108,243.
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However, the market turned sharply following U.S. President Donald Trump's announcement of a 50% tariff on EU exports, pushing Bitcoin below $105,000 and triggering large-scale liquidations of Wynn's leveraged holdings.
According to Hypurrscan, Wynn faced a series of painful liquidations: 527 BTC worth $55 million was wiped out at $104,950, followed by another 422 BTC at $104,150, and a final 95.5 BTC at $104,620.
In total, 1,044 BTC were liquidated over the week.
Wynn expressed frustration over market integrity, posting on X: "I have exposed just how corrupt these markets are. Guess it's better to just buy and hold BTC on spot."
Despite the drawdown, Wynn reportedly maintains a remaining long position of 1,591 BTC, worth approximately $167 million, with a high-risk 40x leverage and a liquidation threshold near $104,530.
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This article $110M Wiped Out: Bitcoin Whale Trader Gets Burned As BTC Tags $104,150 originally appeared on Benzinga.com
