Crypto
Wynn Takes on High-Risk Bitcoin Bet with Aggressive Long Position
James Wynn, an experienced trader, has made a significant change in his Bitcoin (BTC) position, flipping a short to a long with aggressive leverage.
The move comes after Wynn closed a 1.33 BTC short worth approximately $103,000 at a loss of $1,500. He immediately opened a new 30x leveraged long on 1.86 BTC, committing around $147,000 to the position.
The liquidation price for this trade sits at $77,243.53, meaning that if Bitcoin falls below this level, Wynn's long will be automatically closed at a loss. This is a high-stakes bet that the recent correction in Bitcoin is shallow rather than structural.