The Crypto Market Is Exploding — and One Man Is Betting on Its Collapse

High-risk, high-leverage trader James Wynn has initiated a 40x leveraged short on Bitcoin (BTC), betting against the current market surge.

Wynn’s bold short trade comes at a time when optimism is rising among market players. Crypto whales are stacking substantial long positions in BTC, Ethereum (ETH), and more, suggesting widespread bullish confidence in the market’s future trajectory.

James Wynn Moves Against the Crypto Market

BeInCrypto recently reported that the September US Consumer Price Index (CPI) came in cooler than expected. This triggered a sharp rally in Bitcoin and the broader crypto market.

With inflation easing, investor focus has shifted to this week’s highly anticipated Federal Reserve rate decision. Markets are pricing in a near-certain 0.25% rate cut.

The impact is already visible in the crypto sector. Over the past five days, the total crypto market cap has surged more than 7%. Bitcoin has moved above $115,000, and Ethereum has surpassed the $4,000 mark.

The bullish sentiment has prompted major traders and institutions to increase their exposure, opening substantial long positions across key assets in anticipation of further upside. However, Wynn has taken a contrarian approach.

Lookonchain reported that on October 27, Wynn claimed a referral reward of 1,854.54 USDC. He then opened a 40x leveraged short position on 0.96 BTC, worth over $110,000 on Hyperliquid.