Original | Odaily Planet Daily (@OdailyChina_)
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During the recent three-day Dragon Boat Festival holiday, it was a time for the Chinese to relax away from their workstations and trenches. Across the Atlantic, whale James Wynn, who has repeatedly opened over a hundred million BTC long positions on Hyperliquid, was unable to enjoy the sun leisurely on a super yacht and is still struggling in the trenches.
According to hypurrscan data, as of now, James Wynn's account has a total loss exceeding 17.97 million USD, still holding a 40x BTC long position valued over 100 million USD, with an opening price of 105,890 USD and a liquidation price of 103,620 USD, currently showing an unrealized profit of about 210,000 USD.
James Wynn's account profit and loss
Perhaps the mental pressure from the losses was too great, James Wynn began to curse on social media, blame CEX, pretend to pause contract trading, and ultimately reached the point of borrowing money from fans to open positions. But just a week ago, James Wynn was a legendary trader with a peak unrealized profit of 87 million USD, ultimately able to exit with a profit of 25 million USD. What is the outcome of James Wynn, from legend to contract gambler…
Coolness across the Atlantic, fundraising to maintain positions
On May 31, after several rounds of reductions, James Wynn closed his BTC and PEPE long positions, with total account losses reaching 17.72 million USD, and the account balance remaining only 16.28 USD. However, this trader did not lose heart, he stated, 100 million USD is just a speck of dust.
On June 2, James Wynn announced again that he would pause contract trading, but just two hours later he returned, opening a 40x BTC long position on Hyperliquid, with a position value exceeding 100 million USD, and theatrically announced his high-profile return on the X platform by tagging Wintermute.
However, James Wynn's position was not as strong as his words, facing liquidation multiple times and being forced to add margin. Just when he was running out of resources, late at night on June 2, like all contract gamblers, James Wynn began borrowing money to maintain his position. As a well-known KOL, James Wynn learned from the "Eastern Contract God" and announced a fundraising address on the X platform, establishing a "hypothetical enemy" market-making group to rally everyone against it, while stating that if he won, he would return the funds 1:1.
After James Wynn's position turned from loss to profit, the tweet was deleted. According to on-chain public data, by the time the tweet was deleted, James Wynn had raised approximately 60,000 USD worth of USDC, ETH, and other tokens, and he almost transferred out all the raised funds.
As of now, James Wynn's 40x BTC long position valued at 100 million USD has an unrealized profit of 210,000 USD, with a liquidation price of 103,620 USD. Although the fundraising tweet has been deleted, perhaps when he faces liquidation again, he will resort to "on-chain begging."
Is his true identity a spokesperson for Hyperliquid?
While frequently opening positions on Hyperliquid, James Wynn has also been making high-profile statements on social media; his image is no longer that of a trader sharing trading insights and strategies, but more like a KOL seeking social media attention.
The first person of the "fundraising to open positions" faction, Liang Xi stated: “James Wynn is a fake person created by HYPE. He hedges positions with multiple accounts, one account goes long while several others go short, so he does not bear any actual losses. His goal is to manipulate the emotions of over-leveraged speculators, attract retail investors into traps, and increase HYPE's visibility, thus enticing people to buy. I shorted HYPE when it reached a high of 39 USD, and I believe the price will drop below 20 USD.”
Evgeny Gaevoy, founder and CEO of market maker Wintermute, who was targeted as a hypothetical enemy, also mockingly responded to James Wynn's public shout-out, saying, “Overall, I think this is just a well-executed Hyperliquid marketing campaign. James Wynn did well, and the tweets were also brilliant.”
Regardless of whether James Wynn is intentional, his marketing for Hyperliquid has been successful. In May, he gained fame for defeating the "50x insider whale" on Hyperliquid, followed by shocking the market with a 1 billion USD position.
At the same time, the price of HYPE also reached a new high of 39.8 USD that day. But just when James Wynn first announced his exit from contract trading, the price of HYPE began to decline, and only two hours later, when James Wynn established a PEPE long position again on Hyperliquid, did the price of HYPE start to recover. It is hard to guess what force prompted him to make the quick decision to return in those two hours; could it be that Hyperliquid funded him?
It is very common for exchanges to create star traders on their platforms to attract other players to follow their trades. In the past, Sun Yuchen also sponsored Liang Xi with a contract fund, only requiring him to open positions on Huobi to enhance Huobi's influence.
However, some opinions suggest that James Wynn's actions are merely to obtain a second round of HYPE airdrops. BitMEX co-founder Arthur Hayes wrote: “I am starting to think that this (referring to whale James Wynn trying to raise funds at zero cost) could become one of the most successful marketing campaigns in crypto history. HYPE is bound to win. Moreover, this guy is likely hedging trades under another anonymous address, specifically to cash in on the next round of airdrops.”
But for someone who has made tens of millions of dollars from trading, the allure of airdrops may not be that great.
Genius on the left, madman on the right
James Wynn's experiences over the past two weeks resemble a large-scale drama, inevitably sparking curiosity and speculation about how it will end. But no matter what, he can no longer be an admired trader. From James Wynn's recent operations and high-profile statements, it is not difficult to see that he has a performative personality, enjoying the feeling of being in the spotlight. However, for a trader, publicly building large positions is not wise; well-known trader Eugene has commented, “James Wynn's behavior of publicly establishing oversized positions is quite controversial; from experience, this is almost always a bad idea, as the negative externalities often outweigh the positive effects.”
It is hard to define whether James Wynn is a genius or a madman; extreme contract operations, profits and losses in the tens of millions that ordinary people cannot reach, cathartic statements on social media, and a daring and combative style form the foundation of his personality. This also allows James Wynn to stand out from the crowd, becoming a figure similar to Liang Xi.
On June 1, during a live broadcast on Huobi platform with Sun Yuchen, James Wynn also stated, “In fact, I enjoy this process. Even if I earn 1 billion USD, I wouldn’t spend it on myself. What I pursue is not wealth itself, but the thrill of this game.”
But perhaps even James Wynn himself is unaware that the boy from a rundown town in England, who described, “No one can leave there; it is filled with knife crime, drugs, alcohol, and poverty…” has fallen into a larger trench.
“No one can leave here; it is filled with greed, desire, hypocrisy, and scams…”
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