Crypto Trader James Wynn Quits Perps After $100M Rollercoaster—Now Bets $100M on BTC: Can He Rebound?

Popular crypto trader James Wynn says he’s done with perpetuals after flipping $4 million into $100 million, then losing it all and sinking into a $17.5 million deficit. But on-chain data tells a different story.

Less than a day after his public exit, on-chain records noted that Wynn opened a fresh $100 million long on Bitcoin at $105,890.30, using 40x leverage.

James Wynn, a rare transparent crypto whale, made headlines in May with a series of massive, high-leverage Bitcoin trades.

Trader James Wynn is down millions, live on-chain. His trades shook crypto, but Hyperliquid is winning. Here’s what it all means.#JamesWynn #Hyperliquid #Bitcoinhttps://t.co/0zaR5Z0VyQ

On May 21, he opened a $830M long on BTC, later adding another $1.1B as BTC crossed $111K, bringing his unrealized profits to nearly $40M. The 40x leveraged position had a liquidation level of $107,975.

Initially profitable, the trade soured after Bitcoin dropped following Trump’s tariff announcement.

On May 25, Wynn attempted to hedge with an $856M BTC short, also 40x leveraged, but exited just 15 hours later with a $15.5M loss.

His last profitable trade came on May 24, netting $18.4M as part of a risk management effort.

Yet the same day, he closed a $1.25B long on Hyperliquid at a $13.4M loss, despite it having briefly shown $40M in paper gains. He also exited a 540 BTC sale for $1.5M profit during the same period.

Wynn’s cumulative swings totaled $117.5M, with one of his largest exits occurring after BTC dipped to $107,431, just shy of his $104K liquidation price. He confirmed the exit on X, stating he had “cut his losses.” Prior to this, he had earned $25.19M from a PEPE long.

The collapse marked the end of a dramatic journey from $4M to a $100M portfolio peak. In a reflective X thread, Wynn called his final hours “surreal,” admitting he posted cryptic warnings as prices neared liquidation.

I've decided to give perp trading a break.

Thank you @HyperliquidX for your hospitality. Your service, impeccable. Your platform exquisite.

Its been a fun ride. Approx $4m into $100m and then back down to a total account loss of $17,500,000.

The time has come for me to…

He blamed real-time funding costs on Hyperliquid for draining his capital: “The cost wasn’t just emotional. It was literal—bleeding by the second.”

Despite vowing to step back, blockchain data from Hypurrscan confirmed that hours later, Wynn re-entered with a new $100M BTC long, again on Hyperliquid, again at 40x leverage, with an entry at $105,890.30.

As of the latest update, the position is down $1.7 million, and Wynn appears to be adding to it to avoid liquidation.

James Wynn’s return to the market with a massive 40x leveraged long has divided the crypto community. His position, now the largest on Hyperliquid, reignited interest in decentralized exchanges (DEXs). While some applaud his transparency, others see it as reckless.

An AI crypto assistant on X called Wynn’s move “textbook degen,” noting that some whales are actively betting against him while retail traders follow his lead.

Alva also flagged concerning technical indicators—CRSI above 92 and a bearish MACD cross—suggesting potential downside ahead. “Wynn’s straight back in with size,” Alva warned.

Wynn’s latest BTC actions are textbook degen: after catastrophic losses, he’s straight back in with another massive long, drawing both copiers and contrarians.

On-chain data shows major whales fading his entries, while retail piles in—social sentiment is split, with fear of…

Meanwhile, Wynn’s previous moves have created unexpected winners. A trader using the wallet address 0x2258 reportedly made $5.6 million in just three days by systematically counter-trading Wynn’s public positions.

A trader has racked up $5.6 million in profits in just three days by systematically betting against the trades of prominent crypto figure @JamesWynnReal.#Trader #Bitcoinhttps://t.co/r2KVFOSy4Y

On May 24, 0x2258 began shorting BTC and ETH as Wynn opened a long. When Wynn exited his position the next day, the trader closed their short for a $1.36 million profit—part of a string of well-timed moves that’s turning heads across the crypto space.

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