Prominent Crypto Whale James Wynn Signals Altcoin Season is Coming, Opens 25x Long Position in Ethereum
James Wynn, a well-known whale in the crypto market, has been making waves with his recent transactions. Following Bitcoin's surge to new records, Wynn has started to reduce his $BTC position, claiming to have earned $46 million from his Bitcoin investments so far.
In a recent update on his X account, Wynn shared that he made a profit of around $110,000 to $111,000 from his Bitcoin position. Despite a small pullback, Wynn remains bullish on Bitcoin, predicting it will reach $115,000 to $118,000 soon and potentially $122,000.
Wynn believes that after Bitcoin reaches its peak, a period of consolidation will follow, paving the way for the next altcoin season. He stated, "I reduced the position size today, making a profit of around $110,000 – $111,000. In my opinion, Bitcoin is itching to go higher. My goal remains the same at 115-118k by next weekend. However, it could easily happen in just a few hours. I think Bitcoin will reach 118k-122k and we will see a cooling and sideways movement, then things will get really interesting and alt season will come."
Wynn's latest move has been to open a 25x leveraged long position in Ethereum, worth $60.4 million, at an entry price of $2,666.31. According to Lookonchain, Wynn's position consists of 22,548 ETH, with an unrealized profit of $270,000.
In addition to his Bitcoin $BTC and Ethereum $ETH positions, Wynn also holds a $26.77 million long position in memecoin PEPE with 10x leverage. While this position remains active and profitable, not all of Wynn's trades are in the green."
