James Wynn, popularly known as the “10U God of War”, has sold a large $1.25 billion Bitcoin long position for a profit of $25 million. Large-scale, high-risk trading is not new for Wynn, and he is riding the market momentum as Bitcoin’s price surged to historic highs.
Wynn’s investment first seemed to be paying off in spades, driven by general market confidence, the unrealized profit of his investment grew to an eye-popping $87 million. But the unstable nature of the market soon resurfaced, and macroeconomic factors like the U.S. threatening new tariffs on the European Union clouded the trust of the market.
From Previous Highs To Exits
Recognizing the growing risks and the state of the market, Wynn decided it was time to cash in on his still impressive gains. In a post on X (formerly Twitter), Wynn announced:
“Now decided to leave the casino with my $25,000,000 profit,” he posted on X. “It’s been fun, but now it’s time for me to walk away a wynner.” His decision to exit the trade highlighted his ability to pivot quickly and protect his earnings, even if it meant walking away with less than his maximum paper gains.
Switching Gears: From Long to Short-Term
But Wynn wasn’t done. He was eager to capitalize on what he perceived as a market shift, so he flipped his strategy and entered a $1 billion short position on Bitcoin, again using 40x leverage. Though his short position finally lost $16 million, this aggressive action did not turn out as expected since the market did not follow through on the downtrend he expected.
Such a dramatic change of events was not unnoticed since fellow traders and crypto enthusiasts responded right away to Wynn’s strategies. While some hailed his boldness, others questioned the wisdom of such high-risk moves in an erratic market.
Altcoin Moves: Betting on PEPE
Not one to sit on the sidelines for long, Wynn shifted his focus to altcoins, turning his attention to keep. He placed a $9.9 million long bet on the altcoin, using 10x leverage. By the time the trade was publicly known, he had already racked up over $130,000 in unrealized profits.
Wynn is so mysterious in crypto circles because of his association with meme coins like PEPE. He boldly foresaw in 2023 that PEPE’s market capitalization would skyrocket from just $4.2 million to an astounding $4.2 billion, a prediction that late 2024 would finally prove accurate.
Although his first PEPE investment was just $7,600, that bet supposedly paid him over $50 million, therefore confirming his reputation as a crypto market maverick.
