James Wynn, the hyper-leveraged trader known as “moonpig,” faces looming liquidation as Bitcoin’s recent rally falters.

Once managing a staggering billion-dollar notional BTC position, Wynn is now suffering heavy losses amid the cryptocurrency’s cooling momentum.

His current long Bitcoin exposure, leveraged at 40x and totaling roughly 1,690 BTC (valued near $178.78 million), has seen unrealized losses swell to nearly $100 million in just one week.

Data from Hyperdash indicates Wynn’s margin usage is dangerously close to 100%, a level that would automatically liquidate his entire position. In an effort to stave off forced liquidation, Wynn recently added $376,000 to his margin account.

Despite Bitcoin trading slightly above Wynn’s liquidation price of around $104,607, the asset’s failure to sustain gains leaves Wynn on the precipice. Any dip below that threshold could trigger a cascade of forced selling.

Wynn’s 77% negative return highlights the immense risk of trading Bitcoin with high leverage during volatile market conditions.