James Wynn, a well-known trader, has recently changed his mind on Bitcoin ($BTC). As per the data from Onhain Lens, James Wynn has recently closed a Bitcoin ($BTC) short position just to open a long one. The on-chain analytics firm shared the details of James Wynn’s sentiment shift in a recent social media post.
James Wynn Opens $BTC Long after $3K Loss in Recently Closed Short
Onchain Lens has pointed out that James Wynn has recently opened a Bitcoin ($BTC) long position after closing a short position. Based on the price performance of the flagship crypto asset, James Wynn has changed his decision. Particularly, the popular trader has witnessed a $3K loss in this $BTC short that compelled him to close it.
As a result of this loss in the short position, James Wynn now believes in the long-term performance of Bitcoin. In this respect, just after closing the short position, he has opened a long position. The closed short position reported had a 40x leverage, and he exited it following a trade spanning 6 hours and 30 minutes. The trader lost $3,015.97, taking into account $1,345.07 in terms of fees.
New $BTC Long Has 40x Leverage, Indicating Firm Belief in Bitcoin’s Long-Term Trajectory
According to Onchain Lens, following the closure, the newly opened Bitcoin long position also has a 40x leverage. It currently holds almost 12.79 $BTC, equaling up to $1.37M. Apart from that, the present unrealized profit of the trader accounts for $2,420.04, including ROE of 7.05%.
Additionally, the entry price for the respective long position was nearly $107,439.10, while Bitcoin is currently trading at $107,716.00. Moreover, 93.37% is James Wynn’s margin usage while the long exposure stands at 100%.
Source: https://blockchainreporter.net/james-wynn-turns-bullish-on-bitcoin-closes-btc-short-to-open-long-position/
