Renowned crypto trader James Wynn has experienced a significant setback with his short Bitcoin bet. After entering a substantial $1 billion bearish position, Wynn incurred a staggering loss of $27 million within just 24 hours. This comes after he initially established a $1.2 billion long position and subsequently took a high-risk $1 billion short position on the cryptocurrency. Despite anticipating a price decline, Bitcoin remained stable, trading near $107,000 before dipping around 4.5%. Wynn’s losses reflect the unpredictable nature of the crypto market, particularly when substantial bets are placed. The trader has also recently engaged in another high-risk strategy, going long on $PEPE tokens with 10x leverage, although this bet is currently showing unrealized gains of $130K according to Lookonchain. This short and long trade demonstrates the inherent risks associated with investing in the volatile crypto market.