James Wynn, a prominent figure in the cryptocurrency world known as a "crypto whale," has made waves once again by significantly increasing his investment in Bitcoin. He recently took a $1.2 billion long position on Hyperliquid, a decentralized platform for trading derivatives.

This move follows his decision to exit positions in alternative cryptocurrencies like Ethereum, Sui, and PEPE, indicating a strategic shift towards Bitcoin amidst a growing market uptrend.

On May 24, it was reported that Wynn had leveraged a position of 11,588 BTC, valued at around $1.25 billion with a liquidation level set at $105,180, using a 40x leverage on Hyperliquid.

Wynn has been engaging in a series of bold Bitcoin trades, starting with an $830 million long position on May 21, from which he made a $400 million profit on the same day. As Bitcoin's price has been climbing in the past few days, he has increased his position to over $1 billion.

With Bitcoin reaching a new all-time high of over $111,000 this week, driven by growing institutional interest and inflows into spot ETFs, optimism is high in the cryptocurrency market.

Confident in Bitcoin's potential, Wynn predicts the price could rise to a range of $118,000 to $121,000 in the short term. He has a successful trading history, making millions through leverage trading, although he recently faced losses on Ethereum and Sui but offset them with gains from a PEPE trade.

Despite his occasional setbacks, Wynn's recent Bitcoin long position on Hyperliquid has already generated a 13.4% profit, amounting to approximately $4.2 million in unrealized gains.