Hyper Liquid Whale Switches from Long to Short $1 Billion Bitcoin Position

Whales at Hyperliquid, a decentralized cryptocurrency derivatives exchange, have switched their $1 billion Bitcoin position from long to short.
On the 25th (local time), The Block announced that James Wynn, a famous trader of Hyper Liquid,
Wynn) liquidated a $1.2 billion long Bitcoin position last weekend.
According to blockchain data, Wynn liquidated the long position for $17.5 million.
The short position is expected to be the largest in on-chain history. Wynn used 40x leverage to buy a $1 billion Bitcoin
The man, who goes by the name “moonpig” on HyperLiquid, has placed a 100% short position, putting his entire wallet assets at risk, at around $50 million.
According to CoinGlass data, Wynn maintained a long position on the 23rd of last month, predicting that Bitcoin would surpass $110,000, but the actual price of Bitcoin fell by about 1
The price only rose slightly from $0.73 million to $108,000. In response, Wynn liquidated the position through X and revealed that it had suffered a loss.
Wynn said he took the short position at an average entry price of $107,077 and realized a profit of about $3 million, but the price of Bitcoin had risen above $110,446.
However, if additional collateral is not posted, the position may be liquidated.