Billionaire cryptocurrency trader James Wynn has established a nearly $100 million leveraged position in Bitcoin just days after a similar trade was liquidated.
According to blockchain data analysis platform Hypurrscan, if the price of Bitcoin (BTC) falls below $103,630, this position will be liquidated, and currently, the position shows an unrealized loss of over $592,000.
This trade occurred less than a week after Wynn's previous $100 million position was liquidated on May 30, when BTC briefly dipped below the 10-day low of $105,000.
Wynn's massive bet comes at a time of increasing caution in the market. Nexo analysis editor Stella Zlatareva told Cointelegraph that the next significant support level for Bitcoin remains just above $103,000, while market participants are still in a "wait-and-see" mode ahead of the key U.S. unemployment claims report set to be released on June 5.
Following the news of his second massive bet, Wynn claimed on the X platform that major market participants are deliberately targeting his liquidation level.
"They're coming after me again," Wynn disclosed his liquidation line of $103,640 in a post on June 2, adding, "Don't let these evil guys liquidate me."
Cryptocurrency influencer Altcoin Gordon also accused market manipulation after Wynn initiated his second $100 million bet.
"In a matter of seconds, those suspicious market makers pushed the price towards his liquidation level of $104,580," Gordon wrote in a post on June 2.
Some traders have begun donating to Wynn's blockchain address to help fund his leveraged position.
According to data compiled by the pseudonymous blockchain detective "dethective," at least 24 blockchain users have sent stablecoins to Wynn's cryptocurrency address, with the largest single donation nearing $8,000.
Wynn had previously requested the crypto community to donate stablecoins to "fight against the market maker group," promising to "assume" he would repay each donor if he wins.
He also claimed that some of his personal accounts on cryptocurrency exchanges were "closed overnight" without apparent reason.
"The bearish momentum is weakening," Wynn wrote in a follow-up post on June 3, predicting that the upcoming Bitcoin rebound would catch investors "off guard."
Related: Bitcoin (BTC) must upgrade within five years or face quantum computing threats
Original article: “James Wynn's Second $100 Million Bet on Bitcoin (BTC), Claims ‘They Are Hunting Me’”
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