According to Golden Finance’s report, as monitored by on-chain data analyst Yu Jin on May 29th, at around 12:40 today, the price of Bitcoin suddenly experienced sharp fluctuations and once dropped rapidly to around $107,000, which was just approaching the liquidation line of the whale James Wynn.
Facing the sharp drop in price, the position held by James Wynn partially triggered the stop-loss mechanism. By reducing the position size, his liquidation line was also lowered accordingly, but this operation still caused him to suffer a huge loss of 2.95 million US dollars again. As of now, James Wynn has given back all the $87 million in profits he accumulated through trading previously. Not only that, but even the principal he invested has lost $3 million.
At present, the position situation of James Wynn is rather severe. He went long on 4,604 Bitcoins with a leverage of 40 times, with a total position value of up to 496 million US dollars. Its opening price was $108,334, while the current liquidation price is $106,314. This means that if the price of Bitcoin drops even slightly, his position may be at risk of being forcibly liquidated and suffer even greater losses.
James Wynn is quite well-known in the cryptocurrency trading circle. Previously, he successfully made profits in PEPE coin trading and reaped tens of millions of dollars. Later, he shifted his focus to Bitcoin contract trading, frequently operating large positions with high leverage, and his trading movements have always been closely watched by the market. However, the shock brought by the Bitcoin price pin this time has caused a sharp deterioration in the asset situation of his account. In the cryptocurrency market, price fluctuations are inherently intense. Although highly leveraged trading can magnify gains, it can also multiply losses. The experience of James Wynn is a typical case, warning investors of the huge risks lurking behind highly leveraged trading.
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