Crypto Trader James Wynn Shifts Focus to Bitcoin Amid Market Reversal
James Wynn, a well-known crypto trader, has closed his Ethereum and Sui positions at a loss of about $5.3 million. The market’s sudden shift forced this decision.Now, Wynn is focusing on Bitcoin.
Wynn’s Bitcoin holdings have surged to 11,070 BTC, valued at roughly $1.19 billion. However, his aggressive strategy has led to unrealized losses of over $20 million, including funding costs. His massive Bitcoin position faces liquidation if the price drops to $104,820.
Cryptocurrency analyst CrediBULL Crypto points out a critical support zone for bitcoin between $107,000 and $108,000. This zone is crucial for Wynn’s position. If Bitcoin stays above this range, it coudl avoid liquidation and push toward new highs. But a drop below this level could trigger forced selling.
Wynn’s recent success with Pepe trades, where he made $25.19 million, contrasts with his current losses. The market’s reversal after Bitcoin hit a new all-time high has affected his Ethereum and Sui positions.
Key points to remember:
- Wynn’s Bitcoin position is worth $1.19 billion.
- His Bitcoin faces liquidation at $104,820.
- The $107,000-$108,000 range is crucial for Bitcoin’s stability.
