Popular crypto trader James Wynn surprised the market today after closing a large portion of his Bitcoin (BTC) long position, making headlines across the trading world.
Amid lots of interest, James Wynn placed 2,561 BTC, valued at around $273.5 million, in under 40 minutes. As a result, he made a profit of $4.5 million, further solidifying his reputation as one of the top crypto traders.
Price of Bitcoin Slips and Market Shows Mixed Signals
As soon as Wynn made his decision, the cost of Bitcoin dropped about 1%. Even though it’s only a small dip, it’s natural for the market to respond to big moves by people and companies that trade many millions of dollars. Traders everywhere began paying attention, as most now want to see how events unfold.
Different experts interpret Wynn’s move as a shorter-term indicator for the market or just a cash-out from recent profits.
Over Half a Billion Dollars in Bitcoin Is Still Being Held by James Wynn
After selling a major share of his Bitcoin, Wynn still has 5,203. Since he hasn’t sold the coins, the profits amount to around $8 million that he has not cashed in yet.
It’s unclear at this time what Wynn plans to do. While a few believe he will profit, some others say he is still waiting for a major rise in Bitcoin value. In either scenario, what he achieved this year is already having a major effect.
People in the crypto market are closely following the movement on the charts and James Wynn’s next posts on Twitter.
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