James Wynn, the pseudonymous trader known as “moonpig” on the onchain trading platform Hyperliquid, closed out a colossal $1.2 billion Bitcoin long position over the weekend, recording a $17.5 million loss. Shortly thereafter, Wynn shifted gears to take a $1 million long position on the memecoin PEPE with 10x leverage.
Wynn’s massive BTC trades, among the largest ever executed entirely onchain, included opening a $1 billion short on Bitcoin at 40x leverage, effectively putting his entire $50 million wallet on the line. The short was opened near $107,077 and initially generated about $3 million in profit before the position was closed Monday as Bitcoin’s price fluctuated.
This high-risk strategy came with significant liquidation risk if Bitcoin climbed above $110,446. Wynn’s decision to exit perpetual futures trading followed the closure of his short, with a total net profit of $25 million from an initial stake just above $3 million.
In a post on X, Wynn commented, “Leaving the casino with $25,000,000 profit. It’s been fun, but now it’s time to walk away a wynner.”
Immediately after, Wynn placed a leveraged long bet on PEPE, which surged nearly 6%, netting quick gains as the trader pivoted from Bitcoin to meme tokens. Wynn’s activity underscores the fluid and speculative nature of crypto trading on decentralized, onchain platforms like Hyperliquid.
