James Wynn opened a long position of $60 million in Ethereum with 25x leverage, earning $755,000 to date. Wynn's bet is part of his high-leverage portfolio in Bitcoin and other cryptocurrencies. Analysts suggest that if ETH surpasses the resistance of $2,588, it could quickly reach $3,000.
The renowned high-risk trader, James Wynn, has captured the attention of the crypto community with a bold move in the Ethereum market. Wynn has decided to open a leveraged long position totaling $60.4 million in Ethereum (ETH), with 25x leverage, a move that highlights both his confidence in the asset's potential and his ability to manage large risks in the market.
With an entry price of $2,666.31 per ETH, this bet has been made at a time when Ethereum is showing strong bullish momentum. In recent weeks, ETH has experienced significant appreciation, moving from $2,370 to over $2,700, which has propelled Wynn's profits to nearly $755,000.
The 25x leverage employed by Wynn amplifies the profitability of the trades, but also increases the inherent risks due to the volatility of cryptocurrency markets. Although the price of ETH has shown moderate growth, leverage allows a $60 million investment to generate significant profits with a relatively small movement in the market. Despite market pressure, the funding cost of his position remains low, indicating that Wynn has chosen an optimal time to enter the market.
This move is not Wynn's only one in the crypto space. The trader holds an even larger position in Bitcoin (BTC) with 40x leverage, valued at over $801 million.