Legendary whale James Wynn, known for his large leveraged trades in Bitcoin (BTC), Ethereum (ETH) and altcoins, continues to be active in the market.
At this point, James Wynn, who made over $50 million in profit when Bitcoin fell to $100,000-101,000, suffered a massive loss of $100 million on a single Bitcoin transaction in late May.
But that loss didn’t stop Wynn, and he said he’s now back with an even bigger short position.
At this point, while many analysts and experts expect Bitcoin to continue rising after rising above $ 107,000, James Wynn said that he does not believe in this rise.
Arguing that the rise in Bitcoin is fake and that the rise is preparation for a major collapse, James Wynn stated that he opened a large short position in Bitcoin around $ 108,500.
Wynn also shared that he uses 40x leverage across multiple exchanges.
Finally, he also warned investors of a severe downturn.
“I made my last short entry at $108.5k.
The last rally was a complete fake rally.
Expect fierce red candles soon.”
*This is not investment advice.
Read the full article here
