在波動不變的市場中，詹姆斯·永利（James Wynn）脫穎而出

永利似乎是投機性交易的一個有爭議的數字，似乎是在看漲的浪潮……直到唐納德·特朗普宣布對歐盟徵收大量稅款。

In a market where volatility is constantly churning, James Wynn stood out with an extraordinary maneuver: a long position of 1.25 billion dollars on bitcoin at 40x leverage via Hyperliquid. A controversial figure in speculative trading, Wynn seemed to be riding a bullish wave with a triple-digit return over a few months.

在一個不斷波動的市場中，詹姆斯·永利（James Wynn）以非凡的動作脫穎而出：通過Hyperliquid以40倍的槓桿作用，比特幣的長位數為12.5億美元。在投機性交易中，永利似乎是在幾個月內以三位數回報的看漲浪潮。

However, this daring bet was largely wiped out by a single announcement from Donald Trump about a massive tax against the EU. Within hours, the geopolitical shock reversed the market trend, leaving several traders in a deep hole.

但是，唐納德·特朗普（Donald Trump）的一項宣布對歐盟徵稅的一項宣布，這一大膽的賭注在很大程度上被淘汰了。在幾個小時內，地緣政治衝擊扭轉了市場趨勢，使幾個交易員陷入了一個洞。

Extreme risk-taking : James Wynn on a knife-edge

極端冒險：詹姆斯·永利（James Wynn）

A few months ago, the decentralized platform Hyperliquid narrowly avoided disaster before stabilizing its situation through technical adjustments and rigorous risk management.

幾個月前，該分散的平台超流動局部狹窄地避免了災難，然後通過技術調整和嚴格的風險管理穩定了災難。

On May 24, James Wynn, a high-risk trader and now an emblematic figure of this infrastructure, pushed the use of leverage to its peak with a long position of 1.25 billion dollars on Bitcoin.

5月24日，詹姆斯·永利（James Wynn）是一位高風險交易員，現在是該基礎設施的象徵人物，將槓桿的使用推向了其高峰，長期以來在比特幣上的長度為12.5億美元。

Indeed, as reported by Lookonchain, Wynn had already closed his investment on the memecoin PEPE, generating a profit of 25.2 million dollars. He then reallocated these gains to his bitcoin bet, shortly after incurring 5.3 million dollars in losses on positions in Ether (ETH) and Sui (SUI).

確實，正如Lookonchain報導的那樣，永利已經關閉了對Memecoin Pepe的投資，產生了2520萬美元的利潤。然後，他將這些收益重新分配給了他的比特幣下注，不久之後不久，在Ether（Eth）和Sui（Sui）的職位上造成了530萬美元的損失。

These portfolio adjustments reflect an aggressive strategy where reactivity and maximum risk-taking seem to outweigh diversification.

這些投資組合調整反映了一種積極的策略，其中反應性和最大冒險似乎超過了多元化。

The evolution of his bitcoin position, spread over several days, demonstrates a calculated but extremely bold approach, marked by strong market exposure :

他的比特幣位置的演變在幾天內分佈，表明了一種以強烈的市場風險為特徵的計算出但極其大膽的方法：

Wynn, active on Hyperliquid for two months with an initial deposit of 4.65 million dollars in USDC, describes himself as a “high-leverage and high-risk trader”. As such, his trading style is emblematic of a new generation of crypto speculators, ready to face the market rollercoaster with extraordinary risk tolerance.

Wynn活躍於超級流動性兩個月，最初的押金為465萬美元，他將自己描述為“高槓桿和高風險交易者”。因此，他的交易風格象徵著新一代的加密投機者，隨時準備以非凡的風險承受能力面對市場過山車。

A political announcement that shakes the giants

搖晃巨人的政治公告

The brutal reversal occurred a few hours later, when Donald Trump announced on May 23 his intention to impose a 50 % customs tax on all imports from the European Union.

幾個小時後，唐納德·特朗普（Donald Trump）在5月23日宣布，他打算對歐盟的所有進口徵收50％的海關稅。

This statement, perceived as a sign of renewed trade tensions, immediately shook all financial markets, including cryptos. The bitcoin price fell below 107,000 dollars, triggering volatility that melted Wynn’s profits.

這一說法被認為是新的貿易緊張局勢的標誌，立即震驚了包括加密貨幣在內的所有金融市場。比特幣價格低於107,000美元，引發了融化Wynn利潤的波動。

This situation caused a net loss of 29 million dollars in a single day, according to HypurrScan data. Other cryptos like Ether were also swept away by the wave, falling to 2,504 dollars, while memecoins collapsed.

根據HyburrScan數據，這種情況在一天內造成了2900萬美元的淨虧損。像Ether這樣的其他加密貨幣也被波浪掃除，跌至2,504美元，而Memecoins崩潰了。

Although this loss seems spectacular, it has not wiped out the trader’s overall performance. Indeed, James Wynn still shows a profit of 57 million dollars since launching his operations on the platform, including 46 million made in the past month alone.

儘管這種損失似乎很壯觀，但尚未消除交易者的整體表現。確實，詹姆斯·永利（James Wynn）自從在平台上啟動其業務以來，仍然顯示出5700萬美元的利潤，其中包括僅在過去一個月中製造的4600萬美元。

However, this sudden drop starkly reminds us that, in such an unstable market, massive high-leverage positions can collapse on a simple political declaration, as unpredictable as it is external to the sector’s fundamentals.

但是，這種突然的下降迅速地提醒我們，在如此不穩定的市場中，大量的高槓桿立場可能會在簡單的政治宣言中崩潰，這是該行業基本面外部的不可預測。

Beyond Wynn’s particular case, this episode raises a global issue: the increasing exposure of the crypto market to global geopolitical dynamics. Like traditional assets, bitcoin now reacts almost instantly to major political events, which increases complexity and risk for investors.

除了永利的特殊情況之外，這一集提出了一個全球問題：加密市場對全球地緣政治動態的曝光日益增加。像傳統資產一樣，比特幣現在幾乎立即對重大政治事件做出反應，這增加了投資者的複雜性和風險。

While Wynn has managed to stay afloat, many less experienced traders might not withstand such shocks. As platforms like Hyperliquid attract more high-risk profiles, the question of the system’s resilience against factors amplifying crypto crashes during macroeconomic volatility remains open.

儘管永利設法保持漂浮，但許多經驗不足的商人可能無法承受這種衝擊。隨著諸如Hyproliquid之類的平台吸引了更多的高風險概況，因此該系統對在宏觀經濟波動期間放大加密貨幣崩潰的因素的彈性問題仍然開放。