Wynn Doubles Down on Bitcoin with $19.5 Million Long Position

James Wynn, a multimillionaire trader, has taken a significant long position in Bitcoin. He opened a 40x leveraged position worth over $19.5 million at an entry price of $117,000.

This means that if the value of Bitcoin falls below $115,750, Wynn's entire position will be liquidated, and he'll lose his investment. In addition to this long position, Wynn also placed a 10x leveraged long position in PEPE worth $102,000.

This move shows confidence in the momentum of both Bitcoin and the memecoin PEPE. However, Wynn's previous trading history is marked by significant losses, including a nearly $25 million loss in June after two 100 million leveraged positions were liquidated below $105,000.

In an interview, Wynn claimed that market makers deliberately target his liquidation levels but stated they're now 'out of gun powder.' Another whale, Qwatio, took the opposite bet by opening a 2.3 million 40x short position in Bitcoin, betting on its decline.