Well-known Hyperliquid trader James Wynn has increased his 40x leverage long Bitcoin bet to $1.25 billion after closing his $PEPE position for a $25.2 million profit.

On May 24, Lookonchain reported that Wynn entered an 11,588 BTC position with an average entry price of $108,243 and a liquidation level of $105,180.

The move came hours after Wynn exited his Ether (ETH) and Sui (SUI) longs at a $5.3 million loss. At the time, he used the proceedings to double down on Bitcoin (BTC), increasing his position to 11,070 BTC.

Wynn began his Bitcoin long position with $830 million on May 21, trimming $400 million in profits the same day. By May 22, he ramped the position back up to $1.1 billion, holding high leverage as BTC crossed $110,000 and gained $39 million on paper. He later sold 540 BTC for $60 million, securing a $1.5 million profit.

James Wynn’s Bitcoin long bet. Source: James Wynn

Related: Bitcoin continues rally to surpass $110K for the first time

Wynn suffers losses after Trump tariff threat

Wynn took a hit following a sharp market downturn triggered by former President Donald Trump’s announcement of a 50% tariff on all European Union imports.

The news, delivered on May 23, sent Bitcoin tumbling below $107,000 and erased gains across both traditional and crypto markets. Ether also dropped to as low as $2,504 while memecoins were hit even harder.

Data from HypurrScan shows that Wynn has suffered more than $29 million in losses over the past day alone. However, he is still up more than $57 million in all-time trading and $46 million over the past month alone.

Wynn’s PnL. Source: HypurrScan

Related: Hyperliquid backs 24/7 crypto trading in CFTC comments submission

High-stakes crypto trader

Wynn is a high-stakes crypto trader who describes himself as a high-risk leverage trader and memecoin maxi. He also claims to have called Pepe (PEPE) a buy when its market cap was at $600,000.

The crypto whale started using Hyperliquid two months ago, depositing $4.65 million worth of the stablecoin USDC (USDC) onto the platform, Hypurrscan data shows.

Hyperliquid’s DEX is the flagship product on the Hyperliquid layer 1 blockchain, which also offers spot trading and borrowing and lending services, among other things.

Notably, Wynn’s aggressive leverage amplifies his exposure to volatility. With Bitcoin trading near $109,000, any sharp move downward could threaten the position.

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