James Wynn, a well-known cryptocurrency trader with high-leverage bets, initiated two large leveraged positions, including a long 25x position on Ether and a long 10x position on PEPE.
According to on-chain data, Wynn's Ethereum holdings are 3,269 ETH, worth approximately $12.12 million, with an entry price of $3,726.28. His kPEPE trading volume (the $PEPE-USD futures contract on Hyperliquid) reached 812.16 million tokens, worth about $11.28 million with an average entry price of $0.01358.
At the time of writing, Wynn is holding an unrealized profit of $251,617 from his PEPE position, while his ETH bet has currently decreased by over $62,700. The ETH trade faces liquidation risk at $3,492.8, while the liquidation price for the PEPE position is $0.012998.
Wynn entered these positions after depositing 536,573 USDC (USDC) into Hyperliquid, a perpetual decentralized exchange.
Wynn Returns to High-Leverage Cryptocurrency Trading
Earlier this month, Wynn seemingly disappeared from social media after significant losses. His X account, previously named 'JamesWynnReal', was disabled on July 13, and his last bio update simply stated 'bankrupt'.
However, this cryptocurrency trader made a comeback last week, opening two high-leverage positions. His trades included a Bitcoin (BTC) buy order worth over $19.5 million at 40x leverage and a PEPE (PEPE) memecoin buy order worth over $100,000 at 10x leverage.
Wynn first gained notoriety after his $100 million leveraged Bitcoin bet was liquidated on May 30, followed by another significant loss of $25 million from a second position on June 5. He claims his liquidation is being deliberately targeted by major market competitors.
"Great timing for a 40x buy position," Wynn wrote in a post on X last Tuesday. "Of course, it's never financial advice. But the market makers have run out of ammo," Wynn added after opening his leveraged positions.
The Ethereum Squeeze is Growing Stronger
According to The Kobeissi Letter, Wynn's bold bet on ETH comes amid a surge in the cryptocurrency this July, causing one of the largest short-selling events in cryptocurrency history. ETH rose 20% in a week and gained over $150 billion in market capitalization since July 1.
With ETH/USD nearing $3,700 and heading towards the 2025 high, analysts predict that $4,000 will be reached soon. Kobeissi estimates that an additional 10% price increase could liquidate another $1 billion in short positions, especially as many of these positions are leveraged.
Meanwhile, Bitcoin's market dominance has fallen to 61.4%, the lowest level since March, as traders shift to alternative cryptocurrencies like ETH and XRP.
