A well-known pseudonymous trader on the onchain platform Hyperliquid has closed their massive billion-dollar Bitcoin position and is now turning their attention to the memecoin market, betting on Pepe (PEPE).
Over the weekend, the trader known as “James Wynn” (or “moonpig” on Hyperliquid) closed a $1.2 billion long Bitcoin position, taking a $17.5 million loss. Shortly after, Wynn flipped their stance by opening a $1 billion short on Bitcoin with 40x leverage—essentially wagering their entire $50 million wallet on a price decline. These trades mark some of the largest ever recorded on a fully onchain trading platform.
Wynn’s short position was initiated at an average Bitcoin price of $107,077 and quickly generated around $3 million in profit as BTC hovered near that level on Monday, before the price dipped further. However, this high-risk trade carried significant liquidation risk: if Bitcoin price rose above $110,446, the position would have faced forced closure unless additional collateral was added.
By Monday, Wynn closed the short position as well and announced via X (formerly Twitter) that they were stepping away from perpetual futures trading altogether. According to their account, they netted a total profit of $25 million from an initial stake of just over $3 million.
“Now decided to leave the casino with my $25,000,000 profit,” Wynn wrote. “It’s been fun, but now it’s time for me to walk away a wynner.”
Following this exit, Wynn quickly placed a $1 million long bet on PEPE at 10x leverage, signaling a shift from colossal Bitcoin trades to high-leverage memecoin speculation. The PEPE position was already up $500,000 by European morning trading, with the memecoin climbing nearly 6% in recent hours.
Wynn’s moves highlight the evolving risk appetite in crypto markets, where traders are increasingly moving between established assets and highly volatile meme tokens on blockchain-based trading platforms.
