Pseudonymous high-stakes crypto trader James Wynn on Monday decided to go all-in on shorting the crypto market. He revealed that he has sold his entire digital asset portfolio, except for his long-term spot BTC, which he plans to never sell.
Wynn said he has deployed all stablecoins (30% of his portfolio) and added them to his short positions. The crypto trader has settled that he either makes hundreds of millions from his leverage short positions or he goes bust.
Wynn plans to delete his X account if he fails
According to Wynn, he is fine with going bust. He stated that once it happens, he will transfer his BTC spot and cold storage to a new account and delete his X account. The crypto trader believes he will live happily with his wife and four kids, living off his real estate and other passive income streams.
However, he remains confident that his trade is the right one. Wynn would also want a public apology, saying he was correct all along if his trade plays out.
One X user asked him why he was so confident that the markets were going lower when literally all signs pointed to a bullish market. Wynn said he sees all signs pointing down, but also agreed that he could obviously be wrong. He argued that most people seem to bet against his trades, but said time will tell.
“Almost certain 92K will hit once bear hits. Question is what your liquidation price is because right now there’s a pretty good liquidity influx giving bulls the tailwind for the coming weeks or more.”
–Willy Woo, Co-Founder of Bitcoin Vector and Crest Fund.
One of his followers also accepted the deal but asked him not to delete his account. Wynn confirmed that he will delete his X account.
Another X user argued that traders might first hunt for lower liquidity below the current market structure. He said Wynn’s tweet made him believe the opposite would be true – that the market would rally, which he said was already happening since the crypto trader made the announcement.
At the time of publication, Bitcoin is trading at $106,460, up nearly 5% in the last 24 hours. BTC is still down by more than 1% over the past week and has also declined by 3.7% in the past 30 days.
Another X user believes that Wynn will be liquidated on shorts due to an incorrect risk calculation relative to his position size. He also believes that the price will continue to drop towards $92,000 and that Wynn will later claim influence, regardless of whether he deletes his account.
Wynn opens 40x leveraged short position on BTC
On-chain data revealed that Wynn claimed a referral reward of 1,854,54 USDC on October 27. He later opened a 40x leveraged short position on 0.96 BTC, worth over $110,000 on Hyperliquid.
Wynn’s track record has been marred by staggering losses, with total accumulated losses exceeding $22 million, stemming from overleveraged trades that went against him. He has also maintained a 33.33% win rate. The crypto trader has also reportedly lost more than $100 million trading on Hyperliquid, yet he continues to make high-stakes bets.
Market watcher Jake Gagain claimed last month that he had sources close to Wynn who had told him the trader had made more than $250 million in two weeks. He also argued that all of his tweets on X have been a psyop; that he is playing chess while everybody else is playing checkers.
Wynn also teased last month that he has a new account that he’s been trading under the radar. He promised to reveal the account soon.