Bitcoin (BTC) has been on a roll in the past few days, surpassing its previous all-time high (ATH) and recording a new one above $111,900. While the crypto asset continues on this price trajectory, some traders are betting big on its next targets.
One whale, the pseudonymous investor James Wynn, has bet $1.1 billion on BTC with 40x leverage on the decentralized layer-1 chain HyperLiquid. He has lived up to his reputation as a high-risk leverage trader and meme coin maxi by consistently increasing his exposure to BTC and other projects (including Ethereum, Sui, and Pepe) that he believes have potential.
Trader Bets Big on BTC
Wynn entered the long Bitcoin position about a week ago with less than $390 million and an average price of roughly $103,000. The bet initially had a liquidation price of $96,600 and a margin of $9.7 million.
As the price of BTC rose, the whale continued to increase his position on the bet. A series of tweets from the market analytics platform Lookonchain revealed that the bet eventually increased to $415 million, $673 million, and even $900 million. At $900 million, Wynn’s bet ranked first on HyperLiquid, surpassing the combined positions of the next six traders.
On May 21, the position exceeded 10,000 BTC and became worth $1.1 billion. After bitcoin broke through $111,900, the bet surged to $1.14 billion and was sitting on an unrealized profit of more than $39 million.
Wynn Sits on $14M Unrealized Profit
As Wynn increased his bet, he also took profits, with his latest sale on May 22 – $60 million worth of BTC to realize a profit of $1.5 million. BTC has retraced a bit since hitting an ATH, so the value of the bet has declined to around $800 million. However, at the time of writing, he was still sitting on an unrealized profit of at least $14 million despite having taken profits of more than $17 million.
Talking about his position and profit-taking strategy, Wynn said BTC is dying to break out higher. He believes the cryptocurrency could hit the $115,000 to $118,000 target by the end of next week or even within hours in the coming days.
The whale insists there is a major psychological support at $100,000. Once bitcoin tops around the $118,000 to $122,000 range, there will likely be a cool-off and some sideways movement. Afterward, the market could witness interesting trends as the altcoin season begins.
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