Hyperliquid sees $1.1B Bitcoin long bet opened at 40x leverage

A crypto whale has expanded an existing 40x leverage long Bitcoin bet to $1.1 billion on the decentralized exchange Hyperliquid, which has stunned the crypto community and is believed to be the first-ever position exceeding $1 billion on the platform. The X account “James Wynn” claims to be behind the position, which is now up $36 million on the trade, data from Hypurrscan’s block explorer shows. A $28.4 million margin position was used across several trades to increase the Bitcoin ( BTC ) position, now worth $1.13 billion. The average Bitcoin entry price was $108,065. Perp futures positions of wallet address “0x507.” Source: Hypurrscan “He did it fellas,” crypto analyst Sigma^2 wrote on X. “First position [on Hyperliquid] to exceed $1B.” Wynn’s long position was at a loss of about $16.3 million before it shot back up as Bitcoin broke through $110,000 on May 21. The position sits comfortably above its liquidation price of $103,790, as Bitcoin has well surpassed $110,000 and neared $112,000 in early trading on May 22. HyperDash data shows the crypto whale started closing some Bitcoin long positions when Bitcoin was trading around $106,000 on May 20. Change in profit and loss (PnL) from Wynn’s wallet over the last 24 hours. A small amount of that PnL includes a position held in kPEPE. Source: HyperDash “That mfer has nerves of steel,” crypto influencer Follis wrote , while others called the trader an “absolute mad man” or questioned his sense in making the trade. Who is “James Wynn”? Wynn describes himself as a high-risk leverage trader and memecoin maxi who supposedly called Pepe ( PEPE ) a buy when its market cap was at $600,000. Related: Is Bitcoin price close to a cycle top? — 5 indicators that help traders decide The crypto whale started using Hyperliquid two months ago, depositing $4.65 million worth of the stablecoin USDC ( USDC ) onto the platform, Hypurrscan data shows. They’ve completed 32 trades since then, which have included long positions on XRP ( XRP ), the Official Trump (TRUMP) token, Fartcoin (FARTCOIN) and Toncoin ( TON ). Hyperliquid’s DEX is the flagship product on the Hyperliquid layer 1 blockchain, which also offers spot trading and borrowing and lending services, among other things. Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story

Source: CoinTelegraph