James Wynn takes $5.3m loss, bets $1.2b on Bitcoin lifeline

Prominent cryptocurrency trader James Wynn has liquidated his long positions with Ethereum and Sui at a loss of approximately $5.3 million as market conditions reversed.

The high-profile investor subsequently increased his Bitcoin (BTC) exposure, which currently stands at 11,070 BTC, worth roughly $1.19 billion.

According to blockchain analytics platform Lookonchain, Wynn’s aggressive position sizing has resulted in unrealized losses exceeding $20 million, including funding costs. The massive Bitcoin position faces liquidation risk at $104,820.

Major Bitcoin support zone identified at $107-108k

Cryptocurrency analyst CrediBULL Crypto has highlighted a crucial support zone between $107,000-$108,000 that could decide the fate of Wynn’s billion-dollar position.

The analyst emphasized that maintaining this price range is essential for preventing a liquidation that could pressure Bitcoin toward the $105,000 level.

“The green zone at 107-108k must hold for the 1.2B position to avoid liquidation,” the analyst noted. A successful defense of the $107,000-$108,000 range might allow another attempt at new all-time highs. However, the analyst mentioned that a breakdown could result in forced selling pressure.

The trading activity is a major change in Wynn’s portfolio allocation following his recent success with Pepe (PEPE) trades. Earlier this week, the trader closed all his PEPE long positions for a total profit of $25.19 million.

However, as the market reversed after Bitcoin hit a new all-time high, his Ethereum (ETH) and Sui (SUI) long positions couldn’t be sustained.