Crypto trader James Wynn has taken a decisive step in the DeFi market by selling all his Hyperliquid (HYPE) tokens for a significant profit of $4.13 million. This move comes after he temporarily paused his perpetual trading activity to focus on investments. Wynn then quickly entered into a leveraged long Bitcoin position, worth $99.5 million with a 40x multiplier.
The timing coincides with Hyperliquid’s impressive performance in May. The platform hit a three-month revenue high of $2.3 million and saw an annualized revenue surge to $840 million. HYPE token surged by 62% during the month, peaking at $38 before settling at $32.
While Wynn has exited HYPE tokens, he continues his high-risk approach in the market. He opened a leveraged Bitcoin position with 945 BTC on a 40x multiplier, setting a liquidation price of $104,580. This signifies continued participation in high-risk trading strategies.
Wynn has also shown interest in Moonpig, another memecoin that’s experienced a dramatic 600% surge in the past month. This shift suggests a broader strategy adjustment following a significant drawdown of perpetual trades.