Summary
- It was reported that James Wynn, a whale at the decentralized exchange Hyperliquid, bet on a Bitcoin long position with 40x leverage.
- According to the on-chain analytics firm, James Wynn was reported to have about 231,000 dollars in unrealized profits from the position.
- James Wynn said the cryptocurrency market is currently in a bear market, and the recent Bitcoin rebound is merely a short-term relief rally.
James Wynn, known as a whale of the decentralized exchange (DEX) Hyperliquid (HYPE), bet on a Bitcoin (BTC) long (buy) position with 40x leverage.
On the 3rd (local time), according to on-chain analytics firm OnChainLens, James Wynn opened a Bitcoin long position with 40x leverage through a private wallet on the previous day (the 2nd). OnChainLens said, "(James Wynn) currently has about 231,000 dollars (about 300 million won) in unrealized profits from the position," and "the cumulative profit of the wallet is about 1,860,000 dollars (about 2.7 billion won)."
However, James Wynn said he believes the crypto market has recently entered a bear market. James Wynn stated via X that "(the crypto market is) currently in a bear market." Regarding Bitcoin's nearly 6% rebound that day, he drew a line, saying, "It is nothing more than a 'relief rally (Relief Rally·short-term rebound)' expected in a bear market."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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