Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Hyperliquid whale turns bearish, flipping $1 billion BTC position from long to short

Hyperliquid whale turns bearish, flipping $1 billion BTC position from long to short

The BlockThe Block2025/05/24 16:00
By:By Zack Abrams

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.

Hyperliquid whale turns bearish, flipping $1 billion BTC position from long to short image 0

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. 


0

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.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Mars Morning News | ETH returns to $3,000, extreme fear sentiment has passed

The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.

MarsBit2025/11/30 21:01
Mars Morning News | ETH returns to $3,000, extreme fear sentiment has passed

The central bank sets a major tone on stablecoins for the first time—where will the market go next?

The People's Bank of China held a meeting to crack down on virtual currency trading and speculation, clearly defining stablecoins as a form of virtual currency with risks of illegal financial activities, and emphasized the continued prohibition of all virtual currency-related businesses.

MarsBit2025/11/30 21:01
The central bank sets a major tone on stablecoins for the first time—where will the market go next?