High-leverage trader James Wynn opens 25x long on ETH, 10x on PEPE

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James Wynn, a crypto trader known for his high-leverage crypto bets, has initiated 2 large leveraged positions, including a 25x agelong connected Ether and a 10x agelong connected PEPE.

According to onchain data, Wynn’s Ether (ETH) presumption amounts to 3,269 ETH, valued astatine astir $12.12 million, with an introduction terms of $3,726.28. His kPEPE (the sanction for the $PEPE-USD futures declaration connected Hyperliquid) agelong spans a staggering 812.16 cardinal tokens, worthy astir $11.28 cardinal astatine an mean introduction of $0.01358.

At the clip of writing, Wynn is sitting connected a $251,617 unrealized nett from his PEPE position, portion his ETH stake is presently down implicit $62,700. The ETH commercialized faces liquidation astatine $3,492.8, portion the PEPE position’s liquidation level sits astatine $0.012998.

Wynn entered the positions aft depositing 536,573 USDC (USDC) into Hyperliquid, a decentralized perpetuals exchange.

Wynn returns to high-leverage crypto trading

Earlier this month, Wynn seemingly disappeared from societal media aft suffering catastrophic losses. His X account, antecedently nether the grip “JamesWynnReal,” was deactivated connected July 13, and his past bio update simply work “broke.”

However, the cryptocurrency trader made a instrumentality past week, opening 2 high-leverage positions. His trades included a 40x agelong connected Bitcoin (BTC) worthy implicit $19.5 cardinal and a 10x agelong connected PEPE (PEPE) memecoin valued astatine much than $100,000.

Wynn archetypal roseate to prominence after a $100 cardinal leveraged Bitcoin stake was liquidated connected May 30, followed by different monolithic nonaccomplishment of $25 cardinal from a 2nd presumption connected June 5. He claimed his liquidation levels were being deliberately targeted by large players successful the market.

“Beautiful timing for a 40x long,” wrote Wynn successful an X post connected Tuesday. “Never fiscal proposal of course. But the MM’s are retired of weapon powder,” added Wynn aft opening his leveraged positions.

Ether abbreviated compression intensifies

Wynn’s bold stake connected ETH comes arsenic the token has been surging successful July, triggering 1 of the largest abbreviated squeezes successful crypto history, according to The Kobeissi Letter. ETH has gained 20% successful a week and added implicit $150 cardinal to its marketplace headdress since July 1.

With ETH/USD approaching $3,700 and eyeing its 2025 highs, analysts expect $4,000 to travel soon. Kobeissi estimates that different 10% terms summation could liquidate an further $1 cardinal successful abbreviated positions, peculiarly arsenic galore are leveraged.

Meanwhile, Bitcoin’s marketplace dominance has dropped to 61.4%, the lowest since March, arsenic traders rotate into altcoins similar ETH and XRP.

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