James Wynn, a crypto trader known for his high-leverage crypto bets, has initiated two major leveraged positions, including a 25x long on Ether (ETH) and a 10x long on PEPE (PEPE).
According to onchain data, Wynn’s Ether position amounts to 3,269 ETH, valued at approximately $12.12 million, with an entry price of $3,726.28. His kPEPE (the name for the $PEPE-USD futures contract on Hyperliquid) long spans a staggering 812.16 million tokens, worth roughly $11.28 million at an average entry of $0.01358.
At the time of writing, Wynn is sitting on a $251,617 unrealized profit from his PEPE position, while his ETH bet is currently down over $62,700. The ETH trade faces liquidation at $3,492.8, while the PEPE position’s liquidation level sits at $0.012998.
Wynn entered the positions after depositing 536,573 USDC (USDC) into Hyperliquid, a decentralized perpetuals exchange.
Related: Hyperliquid backs 24/7 crypto trading in CFTC comments submission
Wynn returns to high-leverage crypto trading
Earlier this month, Wynn seemingly disappeared from social media after suffering catastrophic losses. His X account, previously under the handle “JamesWynnReal,” was deactivated on July 13, and his last bio update simply read “broke.”
However, the cryptocurrency trader made a return last week, opening two high-leverage positions. His trades included a 40x long on Bitcoin (BTC) worth over $19.5 million and a 10x long on PEPE memecoin valued at more than $100,000.
Wynn first rose to prominence after a $100 million leveraged Bitcoin bet was liquidated on May 30, followed by another massive loss of $25 million from a second position on June 5. He claimed his liquidation levels were being deliberately targeted by major players in the market.
“Beautiful timing for a 40x long,” wrote Wynn in an X post on Tuesday. “Never financial advice of course. But the MM’s are out of gun powder,” added Wynn after opening his leveraged positions.
Related: Mystery whale opens $300M leveraged Bitcoin bet: James Wynn alt account?
Ether short squeeze intensifies
Wynn’s bold bet on ETH comes as the token has been surging in July, triggering one of the largest short squeezes in crypto history, according to The Kobeissi Letter. ETH has gained 20% in a week and added over $150 billion to its market cap since July 1.
With ETH/USD approaching $3,700 and eyeing its 2025 highs, analysts expect $4,000 to come soon. Kobeissi estimates that another 10% price gain could liquidate an additional $1 billion in short positions, particularly as many are leveraged.
Meanwhile, Bitcoin’s market dominance has dropped to 61.4%, the lowest since March, as traders rotate into altcoins like ETH and XRP.
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