Original author: Fairy, ChainCatcher
Original editor: TB, ChainCatcher
Last night, as Bitcoin was gathering strength to break through its all-time high, a billion-level showdown between bulls and bears took place on the chain.
Two aggressive trading giants who bet heavily on the market faced off head-on: on one side was the legendary trader James Wynn, and on the other side was the high-win player known as the Hyperliquid 5 0x Insider. The two opened a 40x leveraged BTC counterparty, which instantly attracted high attention from the market.
Leverage amplifies gains, but also amplifies greed. Let’s review the ins and outs of this late-night battle.
who are they?
Long player James Wynn was once known as the Legendary Meme Coin Hunter on the chain. His trading started in a very low-key manner. He was initially just a 10 U God of War and the amount of wallet interaction hovered in the range of tens of dollars. But in the PEPE craze, his style suddenly changed, he invested heavily and aggressively, and became famous overnight. James Wynn made more than 25 million US dollars from his initial investment of 7,644 US dollars thanks to the skyrocketing market of PEPE.
James Wynns contract style can be summarized in three key words: large positions, high leverage, and high frequency. Almost every time he opens a position, he is accompanied by shouting orders. Recently, in the BTC long order, he repeatedly shouted 100,000 dollars of Bitcoin is very cheap.
The background of the short seller Hyperliquid 5 0x Insider is even more bizarre. Since January this year, multiple addresses behind him have frequently used high leverage on GMX, with a cumulative profit of about $2.53 million. He is active on the gambling platforms Roobet and AlphaPo, has interaction records with many hacker-favorite exchanges ChangeNOW, and single-handedly took away $1.8 million from the Hyperliquid platform, becoming a god in one battle. (Related reading: Even exchanges are cut when they are ruthless! An article deeply digs into how Hyperliquid was taken away for $1.8 million? )
As for his true identity, ZachXBT once published an article pointing out that this insider is likely related to William Parker (WP). WP is a professional gambler with a history of fraud. He was arrested in Finland for stealing a total of $1 million from two online casinos in 2023. He has made headlines in the British media many times for hacking and gambling-related fraud.
Fierce Battle Replay
According to data provided by on-chain analyst Aunt Ai, a legendary on-chain showdown quietly began in the early morning of May 21.
⏰2am-4am: Two players added positions to the market
At 2 a.m., James Wynn took the lead and increased his 4 0x leveraged BTC long position to 7764.26 BTC (worth approximately US$832 million).
Opening price: $105,033.4
Liquidation Price: $100,330
Floating profit at that time: about 16.59 million US dollars
At 4 am, the insider entered the market with a gamble. When BTC hit a short-term high, he opened a 4 0x short order:
Opening size: 826.18 BTC (about 88.41 million USD)
Opening price: $107,091.9
Liquidation Price: $108,500
Floating profit at that time: $68,000
Image source: Aunt Ai
⏰2pm: BTC breaks through $107,500, divergence begins to emerge
The positions of both parties began to diverge:
James Wynn: Long position profit increased to $19.83 million
Insider: Short position loss of $375,000
⏰3pm to 6:30pm: James Wynn takes profits in batches, and his position continues to decline
3 points: Long orders dropped to 43 BTC, floating profit of 9.43 million USD, realized profit of 10.48 million
4: Continue to reduce position to 26 BTC, floating profit of 7.68 million USD, realized profit of 11.92 million USD
6:30: Closed part of the position again, only 86 BTC left, floating profit dropped to $2.72 million, cumulative profit realized was $14.57 million
So far, James Wynns long position has dropped from a peak of 832 million to 268 million US dollars, gradually securing profits.
⏰9pm: The battle line is temporarily stable, James Wynn keeps a low profile, and the insider does not move
BTC pulls back to $106,500.
James Wynn did not increase his position immediately, holding long orders: 58 BTC (US$193 million), floating profit of US$2.65 million, realized profit of US$15.42 million
Insider short position: 18 BTC, floating profit of $542,000
⏰ After 11: Peak collision, both sides increase their positions, the smell of gunpowder is full
As BTC broke through $108,000, James Wynn increased his position to a record high, and the insider also topped up the margin to open a short position again:
James Wynn
Increased to 97 BTC ($815 million)
Average new opening price: $ 107,726.7
Liquidation Price: $101,420
Current floating profit: $13.46 million
Insider
Short position increased to 4 BTC (65.43 million USD)
New opening price: $ 108, 185.5
Liquidation price increased to: $112,320 (2 million USDC margin required)
Current floating loss: $60,000
⏰ 11:30 to midnight: A historic head-on confrontation, positions exceeding 1 billion
Near 11:30, James Wynns long position exceeded 860 million US dollars, and the liquidation price was pulled up to $ 101,980; the insiders short position expanded to 101 million US dollars, and the liquidation price was $ 110,780.
Nearing 11:45, James Wynns long position approached 900 million.
Near midnight: James Wynns holdings exceeded 1 billion, reaching the peak of this round, and the head-on collision between the two heroes reached a climax
May 22 morning report: James wins big
BTC fluctuated sharply and broke through 110,000, reaching a record high.
James Wynn increased his long position all the way to 10,200 BTC, worth $1.12 billion, with a floating profit of $20.19 million.
The insider originally had a large floating profit on his short position, but he continued to increase his position in the $106,670-$107,410 range and missed the profit target. The accumulated loss in 24 hours expanded to 5.61 million US dollars. He still held a 4 0x short position of 449.43 BTC.
Between winning and losing, see the sharp edge of leverage
James Wynn won, while the insider paid the price for greed and hesitation. This billion-dollar showdown not only exploded the data, but also sounded the double alarm of risk and discipline for the market.
Similar games may be happening around you and me. The current BTC contract holdings have soared to a record high of $80.263 billion. In the past 24 hours, the total amount of liquidation in the crypto market reached $407 million, of which $240 million was liquidated in short positions and $167 million was liquidated in long positions.
With high leverage, there is only a fine line between floating profits and liquidation.
