James Wynn, known for his high-leverage Bitcoin and Ethereum trades, recently returned to activity near the $110K-$111K BTC range. He believes altcoin season has begun, prompting one savvy trader to take a contrarian approach. 0x2258, dubbed the ‘counter-trader,’ capitalized on this strategy by mirroring Wynn’s moves in reverse.
On May 24th, 0x2258 began shorting BTC and ETH when Wynn was long. This led to a $1.36M profit when Wynn closed his long position on May 25th. Similarly, on May 26th, as Wynn went short on BTC, 0x2258 entered a long position, resulting in another $2.54M gain after Wynn closed his short position.
The strategy continued on May 26th, as Wynn flipped bullish again and opened a new long BTC position. In response, the counter-trader shorted BTC and ETH, now holding current unrealized gains of $1.7M.
Whether this contrarian trading tactic will continue to yield consistent profits remains uncertain. However, it offers a compelling case study on how strategic opposition to prominent whale behavior can lead to substantial short-term gains.