In brief
- The wallet behind the trade had built a 40x leveraged long on Bitcoin before being wiped out.
- The position unraveled even as Bitcoin stayed within a narrow 2% trading range, according to a pseudonymous trading account belonging to “Pentoshi.”
- Hyperliquid’s on-chain records showed the trader had initially deposited $3 million in stablecoins.
A crypto trader has reportedly been liquidated for over $100 million following an initial $1 billion leveraged Bitcoin position on the decentralized derivatives platform Hyperliquid.
The trade—tied to a wallet beginning with “0x507″ and tagged as belonging to”James Wynn” by Arkham Intelligence—had been closely watched after Wynn built a 40x leveraged long position last week, betting Bitcoin’s price would continue to climb.
However, on Thursday, the bet unraveled despite a lack of volatility in Bitcoin’s price. Bitcoin is currently trading at $106,020, down 1.9% over the last 24…
