High-risk cryptocurrency trader James Wynn is making a U-turn with his Bitcoin gamble.

After closing his $1.2B BTC long position, the Hyperliquid trader has opened a new $111 million Bitcoin short with a liquidation price at $149,100.

High-risk cryptocurrency trader James Wynn is making a U-turn with his Bitcoin gamble. After closing his $1.2B BTC long position, the Hyperliquid trader has opened a new $111 million Bitcoin short with a liquidation price at $149,100.

James Wynn Bets Against A Bitcoin Rally With $111 Million Short

The Hyperliquid high-risk trader has rolled over to short 1,038 BTC for a total of $111.8 million, which faces liquidation at $149,100, and 40X leverage, according to Whale Insider.

The perpetual futures trade comes shortly after closing a $1.2 billion Bitcoin long position over the weekend, which faced liquidation at $105K, and experts like CrediBULL Crypto bet against the high-risk trader.

The new short position comes as a surprise to the cryptoverse, especially after James Wynn predicted Bitcoin price to climb as high as $121,000, setting a new all-time high this week.

The trader is making a bold bet against the world's leading cryptocurrency, which could yield significant profits if Bitcoin experiences a setback from the recent ATH.

Why Is The Hyperliquid Trader Betting Against BTC?

James Wynn is technical in his rationale for betting against Bitcoin, hinting at a short-term price decline for the largest cryptocurrency. He claims on X that there is a significant pile-up of downward pressure for Bitcoin, and a breakout above $108K is unlikely.

"From a TA standpoint, convince me we are going higher in the short term i.e within 24-48 hours. Post your charts and good reasoning for me to try and counter your thesis," wrote James Wynn on X.

The trader notes that low trading volumes, an oversold 4-hour chart, and an underwhelming 50-day moving average point to a near-term correction.

On the fundamentals side of things, an unsavoury macroeconomic report is dousing Wynn’s previous enthusiasm. Bitcoin price tumbled by 4% after Trump’s 50% tariff news, as traders lost nearly $700 million in leveraged positions.

Moreover, there is fear that Bitcoin is overbought at the $107K zone since BTC set a new ATH.

However, speculation is growing that the crypto trader’s short position is an attempt to shake out longs and re-enter at lower prices.