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James Winn's Record Bitcoin Long Near $1.1B Closed Amid Market Fluctuations
Despite the low liquidity during the weekend, the sale of 10,500 BTC only resulted in a $1,000 decrease in the price and was completed in less than an hour, indicating significant liquidity on Hyperliquid's futures market.
James Winn closed his record-breaking $1.1 billion long position in Bitcoin. He explained his decision by noting that BTC is showing a 'golden cross' pattern — a bullish signal which might be preceded by a correction. This could mean BTC may first shake out longs to the $98K-$100K range before starting a new upward impulse.
On May 23, unrealized profits peaked at $87 million but ultimately closed at a loss of about $12 million. His total profit for the entire period since March 19 was $40.5 million.
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AI Analysis
James Winn's decision to close a massive long position in Bitcoin signifies a strategic response to market signals rather than panic. The 'golden cross' pattern, where the 50-day moving average crosse...
AI Recommendation
Readers should consider the strategic approach of closing large positions around bullish technical signals like the 'golden cross,' especially when market volatility is high. This reflects a disciplin...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.