Trader James Wynn Loses Over $100 Million in Bitcoin Bets, Claims No Regrets

James Wynn, a trader who once held a substantial Bitcoin position valued at approximately $1.2 billion, has experienced significant losses, reportedly giving back over $100 million to the market. Despite the financial setback, Wynn has stated on social media that he has “zero regrets.”

Wynn’s losses are attributed to his high-leverage trading strategy. He was reportedly operating with a 40x leverage on Bitcoin, meaning a mere 2.5% adverse price movement could trigger liquidation of his positions.

Earlier in the week, Wynn reportedly lost around $18 million betting against Bitcoin. He then decided to reverse his position, but the price of Bitcoin plummeted shortly after he opened a long position, exacerbating his losses.

Trader Alleges Persecution by Other Investors

Wynn’s recent trading activity began a couple of weeks ago when he opened a long position on Bitcoin worth approximately $560 million. At the time, he expressed confidence that the cryptocurrency was poised for a significant surge.

However, his optimism was short-lived. After taking some profits, he opened a short position before switching back to a long position, but his predictions proved incorrect.

As his profits turned into losses, Wynn reportedly entered a state of denial. He claimed that he was being targeted by other market participants.

In a social media post, Wynn stated,

“I caught them live trying to liquidate me. They sent price down to $108.7k. THAT WAS MY LIQUIDATION PRICE. Had to reduce my position size in real time. Good job they didn’t catch me sleeping.”

When questioned by his followers about the identity of “them,” Wynn did not respond.

After achieving a profit of $82.5 million last week, data from the Hyperliquid exchange indicates that Wynn is now facing a loss of $14.6 million.

The total losses exceed $100 million, specifically $110 million.

Investor Expresses No Regrets

In a statement released on Friday, Wynn asserted that he has no regrets and intends to continue trading in the future. His goal is to reach a net worth of $1 billion.

Wynn stated,

“The perps casino was fun. Zero regrets. Flipping $4m to $100m and back down to -$13m is one hell of a thrill. Hope many of you enjoyed it as much as I did.”

He further added, “Most wouldn’t dare or dream to place these kind of trades. Well, they can’t, they don’t have the money to do so, nor the courage to assume this kind of risk publicly. I tried to reach 1 billion dollars. Maybe next time 😉 I’ll be back.”

As of this writing, Bitcoin is trading at $105,500, down 2.1% in the last 24 hours.

While this article was being written, Wynn opened another leveraged long position on Bitcoin with 40x leverage. His position is valued at $46 million. It appears that he will only stop when he reaches his goal of $1 billion or loses all of his money.

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