High-Risk Move Despite Recent Liquidation
Multimillionaire crypto trader James Wynn has made headlines again by opening a second leveraged Bitcoin position worth nearly $100 million, just days after facing liquidation on a similar trade. The new position is currently at risk, with a liquidation price set at $103,630, according to on-chain data from Hypurrscan.
At the current Bitcoin price of $105,251, Wynn’s position is sitting at an unrealized loss exceeding $592,000. This follows his first $100 million position being liquidated on May 30, when Bitcoin briefly fell below $105,000.
Market Uncertainty and Critical Support Levels
The move comes during a period of growing caution in the Bitcoin market. Analysts point out that Bitcoin’s next key support level is slightly above $103,000, a zone that traders are closely watching ahead of the U.S. jobless claims report scheduled for June 5.
Many investors remain in “wait-and-see mode” as volatility increases and macroeconomic data takes center stage in influencing price movements.
Allegations of Market Manipulation
Following the liquidation of his initial position, Wynn took to social media to claim that his liquidation level was being deliberately targeted by what he describes as a “market-making cabal.”
“They’re coming for me again. Don’t let these evil bastards liquidate me,” he posted, disclosing the exact price at which his new position would be wiped out.
Within moments of the new position being opened, Bitcoin’s price dropped sharply, nearing the liquidation zone. This triggered further speculation among traders and influencers about possible market manipulation by large players.
Community Donations and Exchange Account Closures
In a surprising development, some members of the crypto community have begun donating stablecoins to support Wynn’s position. According to blockchain data, at least 24 users have sent funds, with one donation nearing $8,000.
Wynn has promised to reimburse all donors, “assuming” his trade becomes profitable. He also reported that several of his exchange accounts were shut down overnight, with no explanation provided.
Bullish Sentiment Despite the Risks
Despite facing significant losses and platform restrictions, Wynn remains confident in an upcoming Bitcoin rally. He recently stated:
“Bearish momentum is weakening. A reversal is coming that will catch everyone off guard.”
His conviction reflects a broader optimism among risk-tolerant traders betting on a short-term recovery in the crypto markets.