Summary

James Wynn, a pseudonymous trader on the Hyperliquid platform, has closed a substantial Bitcoin position valued at $1.2 billion, incurring a loss of $17.5 million. He shifted his strategy, opening a new position betting on the memecoin Pepe (PEPE) with a $1 million stake at 10x leverage. This sudden pivot reflects a significant change in his trading focus from Bitcoin to Pepe.

Recent Developments:

• Wynn exited a billion-dollar Bitcoin position at $107,077 with an initial investment exceeding $50 million.
• Following the liquidation of his previous long position, Wynn announced on social media his decision to step back from perpetual trading entirely.
• His move into PEPE has already seen initial profits, amounting to around $500,000 in just hours after the trade.

Quotes

James Wynn stated:

“Now decided to leave the casino with my $25,000,000 profit. It’s been fun, but now it’s time for me to walk away a wynner.” Translation: I have decided to cash out my profits and stop trading.

This change highlights Wynn’s adaptability in the volatile landscape of cryptocurrency trading.