James Wynn, a well-known trader for high-leverage cryptocurrency bets, recently made a significant wager, going long on Ethereum with 25x leverage, as the price surged to a new high of $4,860.
According to on-chain data, Wynn controlled a position of approximately 29.3 Ethereum (ETH) with about $5,568 in margin, with a total value of $139,215 and an entry average price of $4,239. Currently, the unrealized profit on this position is $14,888, yielding over 267%.
Wynn also placed a 10x leveraged long bet on Dogecoin (DOGE) valued at $206,130, with an average purchase price of $0.2398, and the current DOGE price is about $0.237, resulting in an unrealized loss of $1,886.
Overall, Wynn's total leveraged exposure is approximately $345,000, with personal assets around $26,600, and a leverage usage rate of about 110%.
Wynn returns to the trading market
Last month, Wynn returned to the market after a brief exit from social media, where he updated on his social accounts that he was 'bankrupt'.
On July 15, he re-entered the market aggressively, including a $19.5 million position with 40x leverage on Bitcoin long, and a position worth over $100,000 with 10x leverage on PEPE long.
Wynn gained fame after his $100 million Bitcoin leveraged position was liquidated on May 30, followed by another loss of $25 million on June 5. He claimed that major players in the market deliberately targeted his liquidation level.
Ethereum price hits a new high
The native Ethereum token ETH hit a record high on Friday, reaching $4,867 on Coinbase, the highest point since November 2021. This surge was driven by the Federal Reserve Chairman Powell hinting at a possible rate cut in September, which boosted demand for risk assets.
ETF funds recorded a net inflow of $287.6 million this Thursday, bringing total assets under management to $1.21 billion, rebounding after four consecutive days of net outflows.
Corporate finances also fueled this momentum. Last month, companies including BitMine, SharpLink, Bit Digital, BTCS, and GameSquare increased their ETH holdings by approximately $160 million, bringing the total corporate Ethereum reserves to $3 billion.
