Bitcoin whale takes $830 million long position on Hyperliquid with 40x leverage.

A major player in the crypto market, James Wynn, has made waves by committing $830 million to a long position on Hyperliquid, a decentralized derivatives platform.

On May 21, on-chain expert EmberCN reported that Wynn entered a highly leveraged position of 7,764 BTC, worth about $830 million, with an entry price around $105,033. His liquidation point is reportedly just below $100,330.

This marks one of the most substantial long positions ever documented on the decentralized trading platform.

According to EmberCN, Wynn quickly reduced his exposure to approximately $430 million within a short span of 90 minutes after opening the position, suggesting he took some profits by selling off 3,688 BTC, approximately valued at $400 million.

Despite this reduction, Wynn’s optimistic outlook remains consistent. EmberCN highlighted that Wynn started to reinvest in his long position as Bitcoin’s price neared his original entry point once again.

This optimistic approach by Wynn stands in stark contrast to the wider market trend, where several prominent traders appear to favor short positions.

Joao Wedson, who founded a blockchain analytics service called Alphractal, has noticed that many whales are opening short positions across various exchanges.

For instance, Qwatio has recently deposited $2.3 million in USDC into Hyperliquid to initiate a 40x leveraged short position involving 826 BTC. This position, valued at $88.36 million, entered at a price of $107,192 with a liquidation point set at $108,500.

What fuels Wynn’s optimism about Bitcoin?

Wynn’s bullish investment in Bitcoin is happening alongside a surge of optimism surrounding the cryptocurrency.

Recently, BTC achieved a peak of $107,000, its highest price since reaching an all-time high in January. Breaking past the $106,000 barrier marks a pivotal change, as this level has been a resistance point throughout the year.

Additionally, information from blockchain analytics firm Sentora shows that 99% of Bitcoin holders are currently in profit, indicating robust market positioning for this leading asset.

At the same time, recent weeks have seen significant inflows into US spot Bitcoin exchange-traded funds (ETFs), with net inflows nearing $7 billion since April, highlighting strong institutional engagement with the asset.

Given these developments, analysts suggest that this combination of positive sentiment, record ETF inflows, and increasing institutional adoption could drive Bitcoin to surpass the $110,000 mark, potentially establishing a new all-time high.