Daniel Walker
Hyperliquid’s native token, HYPE, has exploded past $38, nearing a fresh all-time high of $39.10, as investor interest skyrockets following an audacious $1 billion Bitcoin short trade by renowned trader James Wynn, also known as “moonpig.”
With its market capitalization exceeding $13 billion, HYPE is making waves across the DeFi landscape, sparking curiosity about whether the surge is just beginning — or nearing a critical pullback.
Billion-Dollar Bet Shakes Crypto Markets — James Wynn Goes From Long to Short
Over the weekend, Wynn closed a $1.2 billion long position on Bitcoin, cutting his projected profit by nearly $17.5 million, and swiftly reversed into a $1 billion short trade using 40x leverage on Hyperliquid.
The entry point? Around $107,077, with Wynn putting almost $50 million of his own capital on the line. His trade became profitable quickly, as BTC dropped modestly, earning him an estimated $3 million within hours.
However, the risk remains high. If Bitcoin touches $110,446, Wynn’s position risks liquidation unless reinforced with more collateral.
Despite recent setbacks, Wynn still boasts over $40 million in lifetime profits on Hyperliquid — solidifying his presence as one of the platform’s most influential traders.
HYPE Price Skyrockets Amid Trading Frenzy and Platform Momentum
As Wynn’s headline-grabbing moves circulated through the crypto media, HYPE surged by nearly 9% in 24 hours, reaching $38.96 at the time of writing. This represents a staggering 113.1% monthly gain, according to CoinGecko.
Meanwhile, Hyperliquid’s open interest hit $1.3 billion, a new record high, mirroring the token’s sharp price rise. This increase in on-chain volume and leveraged bets signals strong bullish sentiment, even at elevated price levels.
Recent on-chain metrics from CoinGlass reveal that short-term traders are leaning toward further upside, placing confident long positions despite the token trading at its historical peak.
Hyperliquid Gains Edge in DeFi as Institutional Appetite Grows
Beyond the token’s performance, Hyperliquid’s ability to handle multi-billion dollar trades — like Wynn’s recent BTC positions — showcases its technical resilience and positions it as a serious contender in the global DeFi ecosystem.
With institutional attention shifting toward non-custodial and scalable trading platforms, Hyperliquid’s explosive growth may be more than just hype — it could be a glimpse into the future of decentralized derivatives trading.
