James Wynn, a well-known high-stakes crypto trader, recently opened a new $100 million 40x-leveraged long position on Bitcoin (BTC), purchasing approximately 945 BTC. Almost immediately after his position appeared on the market, Bitcoin's price began plummeting toward his liquidation level, now around $104,151, which is less than 1% from the current price.
This sharp move has reignited conversations about "shady market makers" or large crypto whales actively targeting and manipulating major on-chain leveraged positions like Wynn's. Wynn himself has publicly accused these entities of "insta hunting" his long, suggesting a coordinated effort to liquidate his holdings due to either his status as a smaller player competing against whales or his promotion of the HyperLiquid platform.
Despite suffering nearly $100 million in losses in recent weeks, Wynn managed to profit around $1.05 million after selling $4.12 million worth of HYPE tokens (the native token of HyperLiquid) at an average price above his purchase. However, these gains are marginal compared to his recent BTC setbacks, including a massive $1.14 billion position that at one point was up $39 million before turning into an almost $100 million liquidation loss.
Wynn’s trading story reflects the extreme volatility and risk in leveraged crypto trading and highlights the influence whales may exert to hunt weaker retail traders. In response, Wynn has urged his followers on social media to support Bitcoin buying to defend against these pressures.