Giant whales fight, billions of dollars are at stake, this article summarizes the whole process of the high-leverage long-short battle

Written by: Fairy, ChainCatcher

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 50x Insider". The two opened a 40x leveraged BTC counterparty, which instantly attracted great 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 "10U 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 in one battle. James Wynn made more than 25 million US dollars from the initial investment of 7,644 US dollars by taking advantage of the skyrocketing market of PEPE.

James Wynn's 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 a shout. In recent BTC long orders, he has repeatedly shouted "100,000 dollars of Bitcoin is very cheap."

The background of the short seller "Hyperliquid 50x 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 legend in one battle.

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.stealstealHe was arrested in Finland for defrauding two online casinos totaling $1 million. He has made headlines in the British media many times for his involvement in hacking and gambling-related fraud.

Fierce Battle Replay

According to data provided by on-chain analyst Aunt Ai, a legendary on-chain duel 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 40x 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 40x short position:

• 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 5625.43 BTC, with a floating profit of 9.43 million USD and a realized profit of 10.48 million USD

• 4: Continue to reduce positions to 4640.26 BTC, with a floating profit of 7.68 million USD and a realized profit of 11.92 million USD

• 6:30: Closed part of the position again, leaving only 2524.86 BTC, floating profit dropped to $2.72 million, cumulative profit realized was $14.57 million

So far, James Wynn's 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 pulled back to $106,500.

• James Wynn did not increase his position immediately, holding long orders: 1819.58 BTC (US$193 million), floating profit of US$2.65 million, and realized profit of US$15.42 million

• Insider short position: 826.18 BTC, floating profit of 542,000 USD

⏰ 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, and the insider also topped up the margin to open a short position again:

James Wynn

• Increased to 7444.97 BTC (815 million USD)

• Average new opening price: $107,726.7

• Liquidation price: $101,420

• Current floating profit: $13.46 million

Insider

• Short positions increased to 597.4 BTC (65.43 million USD)

• New opening price: $108,185.5

• Liquidation price increased to: $112,320 (supplemented with 2 million USDC margin)

• Current floating loss: $806,000

⏰ 11:30 to midnight: A historic head-on confrontation, positions exceeding 1 billion

Near 11:30, James Wynn's long position exceeded US$860 million, and the liquidation price was pulled up to $101,980; the insider's short position expanded to US$101 million, and the liquidation price was $110,780.

Nearing 11:45, James Wynn's long position approached 900 million.

Near midnight: James Wynn's 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 stop. The accumulated loss in 24 hours expanded to 5.61 million US dollars, and he still held a 40x 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 for the market on risk and discipline.

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.

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