Bitcoin (BTC) has been on a roll in the past few days, surpassing its previous all-time high (ATH) and recording a new one above $111,900. While the crypto asset continues on this price trajectory, some traders are betting big on its next targets.<\/p>\n
One whale, the pseudonymous investor James Wynn, has bet $1.1 billion on BTC with 40x leverage on the decentralized layer-1 chain HyperLiquid. He has lived up to his reputation as a high-risk leverage trader and meme coin maxi by consistently increasing<\/a> his exposure to BTC and other projects (including Ethereum, Sui, and Pepe) that he believes have potential.<\/p>\n Wynn entered the long Bitcoin position about a week ago with less than $390 million and an average price of roughly $103,000. The bet initially had a liquidation price of $96,600 and a margin of $9.7 million.<\/p>\n As the price of BTC rose, the whale continued to increase his position on the bet. A series of tweets from the market analytics platform Lookonchain revealed that the bet eventually increased to $415 million, $673 million, and even $900 million. At $900 million, Wynn\u2019s bet ranked first on HyperLiquid, surpassing the combined positions of the next six traders.<\/p>\n On May 21, the position exceeded 10,000 BTC and became worth $1.1 billion. After bitcoin broke through<\/a> $111,900, the bet surged to $1.14 billion and was sitting on an unrealized profit of more than $39 million.<\/p>\n As Wynn increased his bet, he also took profits, with his latest sale<\/a> on May 22 \u2013 $60 million worth of BTC to realize a profit of $1.5 million. BTC has retraced a bit since hitting an ATH, so the value of the bet has declined to around $800 million. However, at the time of writing, he was still sitting<\/a> on an unrealized profit of at least $14 million despite having taken profits of more than $17 million.<\/p>\n Talking about his position and profit-taking strategy, Wynn said<\/a> BTC is dying to break out higher. He believes the cryptocurrency could<\/a> hit the $115,000 to $118,000 target by the end of next week or even within hours in the coming days.<\/p>\n The whale insists there is a major psychological support at $100,000. Once bitcoin tops around the $118,000 to $122,000 range, there will likely be a cool-off and some sideways movement. Afterward, the market could witness interesting trends as the altcoin season begins.<\/p>\n The post This Trader Bet $1B on Bitcoin, Says Asset Is Dying to Break Out Higher<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) has been on a roll in the past few days, surpassing its previous all-time high (ATH) and recording a new one above $111,900. While the crypto asset continues on this price trajectory, some traders are betting big on its next targets. One whale, the pseudonymous investor James Wynn, has bet $1.1 billion on […]<\/p>\n","protected":false},"author":0,"featured_media":68632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-68631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/68631"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68631"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/68631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/68632"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Trader Bets Big on BTC<\/h2>\n
Wynn Sits on $14M Unrealized Profit<\/h2>\n