James Wynn, a prominent crypto trader known for his large-scale on-chain trades, has taken his Bitcoin wager to unprecedented heights. Wynn recently revealed he now holds a position worth over $1 billion on Hyperliquid, a decentralized derivatives exchange using 40x leverage – a tactic considered highly risky in trading. A screenshot posted by Wynn on X (formerly Twitter) showcased this massive trade, with 9,794 BTC entered at an entry price of $109,080 and a mark price of $109,516. This position carries exposure worth $1.072 billion, backed by only $26.8 million in margin. His current stake is valued at $4.27 million, with a liquidation trigger at $103,836, posing the risk of wipeout if the price drops below this level. Wynn initially initiated the trade with $830 million on May 21st as Bitcoin prices surged past the $109,000 mark. He then trimmed his holdings by selling off 3,688 BTC worth approximately $400 million, locking in early profits. By May 22nd, Wynn returned to a bullish position and boosted his stake to $1.1 billion with the same high-risk leverage. Bitcoin continued its upward trajectory, exceeding $110,000, indicating substantial unrealized gains of $39 million as shown by Lookonchain data. Subsequently, he made another adjustment by selling off 540 BTC for an approximate value of $60 million and generated a $1.5 million profit. Traders have closely watched Wynn’s wallet activity as his past sell-offs often preceded market downturns. His wallet, 0x507, gained notoriety after he turned $8,524 into $44.4 million with PEPE, the meme-themed token, and later moved $7.5 million of this PEPE into Binance in June 2024.