Hyperliquid whale turns bearish, flipping $1 billion BTC position from long to short
Quick Take A Hyperliquid trader, James Wynn, closed a leveraged long BTC position worth $1.2 billion on Saturday and opened a new short position worth over $1 billion on Sunday, blockchain data shows. Wynn lost over $17.5 million after closing the long position. Hyperliquid’s token recently surged to an all-time high as open interest on the platform balloons.
A crypto trader on the platform Hyperliquid has opened one of the largest on-chain short bets in history, putting nearly $50 million on the line to open a $1 billion short position on BTC with 40x leverage, just hours after closing a similarly-sized long bet on the world's most valuable cryptocurrency.
James Wynn, also known as "moonpig" on the DEX, opened the 40x short cross-margin position — meaning his entire wallet, worth nearly $50 million, is on the line — shortly after closing a $1.2 billion BTC long position and reducing his historical profit by $17.5 million, according to CoinGlass data .
Wynn, who had previously predicted BTC would reach $110,000 on Saturday, said he cut his losses in closing the position in a post on X. BTC rose only modestly on Saturday, from about $107,300 to about $108,000, according to The Block's Bitcoin Price page .
So far, the bet appears to be paying off for Wynn, who has profited $3 million from the position, which he opened at an average entry price of $107,077. Wynn's current position will be liquidated if BTC rises to $110,446 and Wynn doesn't add more collateral.
Despite the losses, Wynn's total profit stands at over $40 million on Hyperliquid, as the platform's open interest has surged to record highs , according to CoinGlass. The price of HYPE, the platform's token, has risen over 8% in the past 24 hours, according to The Block's HYPE Price page , and is now trading around $37.28, just shy of its fresh all-time high around $38.68 achieved on Saturday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Essence of Bitcoin and AI
Liberalism gives vitality to Bitcoin; democratization gives it scale. The network effect is the invisible bridge connecting the two, and also proves that freedom grows through participation.

Trump's pressure works! India's five major refineries suspend orders for Russian oil
Due to Western sanctions and US-India trade negotiations, India significantly reduced its purchases of Russian crude oil in December, with its five major core refineries placing no orders.

Masayoshi Son takes action! SoftBank sells all its Nvidia shares, cashing out $5.8 billions to shift towards other AI investments
SoftBank Group has completely sold its Nvidia holdings, cashing out $5.8 billions. Founder Masayoshi Son is shifting the strategic focus, allocating more resources to the artificial intelligence and chip-related sectors.
Research Report|In-Depth Analysis and Market Cap of Allora Network (ALLO)

