James Wynn, a multi-billionaire cryptocurrency trader, has renewed confidence in Bitcoin’s short-term promotional forces despite numerous previous liquidations.
Winn is back in two new leveraged positions, including a longer position in Bitcoin (BTC) that is over $19.5 million, for over $117,000. Wynn has already beenaring $1.4 million worth of funding fees to maintain its position with currently unrealized profits of $78,000.
Wynn’s second position was the popular Pepe (Pepe) Memecoin (10x leverage worth over $102,000) opened for $0.01,201, but the settlement price for Posity remains unknown.
Winn gained popularity among crypto enthusiasts at the end of May. After his first leveraged position was settled on May 30, BTC was shortly below the 10-day $105,000.
According to the Cointelegraph, the pseudonymous trader opened his second leveraged $100 million Bitcoin bet on June 3, and settled on June 5, losing nearly $25 million.
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After opening a $200 million leveraged Bitcoin position, Wynn argued that his liquidation level was deliberately targeted by orchestrated efforts from key market participants.
“They’re coming for me again,” Wynn wrote, revealing their previous liquidation levels on the X-Post June 2nd. “Don’t let these evil bastards settle me,” he added.
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In a leveraged position, you use borrowed money to increase the size of your investment. This increases the magnitude of both profit and losses, and leveraged transactions are more risky compared to regular investment positions.
Showing the risk of that growing risk, the Crypto whales were liquidated for more than $388 million in a 50x leveraged position in March.
Market makers “away from gun powder,” says Wynn.
During previous leveraged Bitcoin bets, Winn said that crypto market makers are carrying out organised efforts to crash Bitcoin prices below liquidation levels.
“It’s 40 times the beautiful timing,” Wynn wrote in X post Tuesday.
“Of course, it’s not financial advice by any means, but MM is out of gun powder,” added Wynn after opening his latest leverage position.
Still, not all traders are betting on the benefits of Bitcoin. Popular trader Qwatio has opened a 40x leverage short position, over $2.3 million, over hyperdash data shared by blockchain analyst Embercn.
Qwatio has previously been liquidated eight times a week or so, losing a total of $12.5 million across its leveraged position, Cointelegraph reported on June 30.
According to Coinmarketcap, Pepe has been soaked by more than 3% in the last 24 hours, but appears to be recovering.
https://www.youtube.com/watch?v=jzncalgknio
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