Veteran trader James Wynn closed off his 40x Bitcoin long position today, amounting to a small loss of $70.71. Almost at the same time as his exit, Wynn started a new short position on Bitcoin.
From Leverage Loss to Short Bet
One of the reasons for James Wynn’s decision could be that Bitcoin’s price growth lost momentum.
At once, Wynn canceled his long position and started a 40x short position. If the market keeps going down, he will earn a profit from his bet. Closing out the long so fast and entering a short so soon shows how ready he is to change his approach in response to swift changes in the market.
James Wynn Is Still Struggling to Become Profitable
The last long position taken by James Wynn hasn’t helped him make much profit. People in the market are following closely to determine if a major factor will push Bitcoin’s value enough to provide Wynn with a significant increase.
Recall of June 2nd Long Position
After Wynn’s doing a 40x long position on June 2, he now again has a short position. The previous position wasn’t very profitable or very much in loss. After his recent liquidation, clearly, he is struggling to find profit.
People in the crypto community keep following James Wynn’s moves as his trades continue to gain huge attention.
