James Wynn is back in the casino with $50m Bitcoin bet

James Wynn, the high-profile on-chain trader infamous for massive directional bets and equally massive liquidations, is once again back at the center of crypto’s perpetuals casino.

After publicly declaring his exit from leverage trading earlier this month, on-chain data shows Wynn has now opened a fresh $50 million long position on Bitcoin (BTC), a striking reversal from his earlier stance, and one that puts him back in the line of fire.

According to data tracked via Arkham and Hyperliquid, the new BTC position sits at 437 BTC with 40x leverage, valued at just over $46.1 million at an entry price of $105,560. The mark price at last check was hovering around $105,571, leaving the position nearly breakeven with a razor-thin unrealized profit of $2,086 — a +0.2% move, essentially noise at this scale.

With a liquidation level of $102,849, even a modest 2.5% dip from current price action could wipe out the position entirely.

James Wynn was only just liquidated for $100 million

This aggressive bet follows Wynn’s prior catastrophic loss, where he was liquidated for over $100 million, one of the largest individual perp losses publicly recorded this year.

The trader has been moving capital aggressively. Blockchain data shows multiple high-value inflows and outflows between Binance, Hyperliquid, and self-custodial wallets. In just the past 48 hours, over $8 million in USDC has been routed through Wynn’s wallets, with several tranches split between 500K and 2.7M USDC at a time, typical of positioning behavior for large directional bets.

For context, Bitcoin is currently trading just above $105,500, down 3% in the past 24 hours and over 5% from recent local highs. Price action remains volatile, especially as funding rates reset and liquidity thins ahead of the weekend.

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