The pseudonymous crypto trader known as “James Wynn” on Hyperliquid has closed out a staggering $1.2 billion Bitcoin long position, taking a $17.5 million loss, before making a bold pivot to memecoins. Wynn has now placed a highly leveraged $1 million long bet on Pepe (PEPE), signaling a dramatic shift in strategy.

Over the weekend, Wynn’s mammoth BTC position — the largest ever seen on the onchain trading platform — came to an end. Not long after closing the long trade, Wynn flipped bearish, opening a $1 billion short on Bitcoin at 40x leverage. The entire $50 million wallet was effectively placed on the downside, marking another record-breaking wager in decentralized futures.

The short was initiated at an average price of $107,077 and netted Wynn a quick $3 million profit as Bitcoin hovered just below that mark Monday morning. But with liquidation looming if BTC climbed above $110,446, the position carried high risk.

By Monday, Wynn exited the short as well and announced on X that they were stepping away from perpetual trading with $25 million in total profits, up from an initial investment of about $3 million.

“Leaving the casino with $25 million in profits,” Wynn tweeted. “It’s been a wild ride, but now I’m a wynner walking away.”

Meanwhile, Wynn turned their sights to Pepe, deploying $1 million at 10x leverage on the memecoin, which surged nearly 6% in early European trading hours—already netting Wynn $500,000 in gains.

This move from billion-dollar Bitcoin trades to high-stakes memecoin plays highlights the evolving and often volatile nature of crypto speculation on onchain platforms like Hyperliquid.