On May 25, COINOTAG News reported that prominent trader James Wynn has initiated a substantial 40x short position on Bitcoin (BTC), currently holding an impressive 1038.71 BTC. This significant investment is valued at around 112 million USD, with an entry price set at 107,711.1 USD. Wynn’s liquidation price has been established at 149,100 USD, highlighting the high-risk strategy he is employing in this volatile market.
In other developments, Wynn has recently liquidated a massive 1.2 billion USD long position in Bitcoin, incurring an approximate loss of 13.39 million USD in the process. This strategic shift underlines the inherent complexities and risks associated with cryptocurrency trading, where market dynamics can lead to rapid losses or gains.
Source: https://en.coinotag.com/breakingnews/james-wynn-takes-40x-btc-short-position-worth-112-million-amidst-major-trading-moves/