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Cryptocurrency trader James Wynn has made headlines again with two massive leveraged positions - a 25x long on Ethereum (ETH) and a 10x long on PEPE memecoin. The high-risk trades total over $23 million in value, funded by a $536,000 USDC deposit on Hyperliquid exchange.
On-chain data reveals Wynn's ETH position involves 3,269 tokens valued at $12.12 million, entered at $3,726.28. His PEPE trade comprises 812.16 million tokens worth $11.28 million with an entry price of $0.01358. As of reporting time, the PEPE position shows a $251,617 unrealized profit while the ETH trade is down $62,700.
【Key Risk Levels】
- ETH liquidation price: $3,492.8
- PEPE liquidation price: $0.012998
Wynn's return to high-leverage trading follows a period of significant losses that led to his temporary social media disappearance in mid-July. Just last week, he re-emerged with a $19.5 million 40x Bitcoin long and $100k PEPE position.
——"Beautiful timing for a 40x long. The MM's are out of gun powder,"—— Wynn commented on X after opening his latest positions, referencing market makers' reduced influence.
The ETH market has seen a 20% weekly surge, adding $150 billion to its market cap since July 1. Analysts note this has triggered one of crypto's largest short squeezes, with $1 billion in short positions potentially liquidating if prices rise another 10%.
Meanwhile, Bitcoin's dominance has dropped to 61.4% - its lowest since March - as traders shift focus to altcoins like ETH and XRP. Market observers suggest ETH could soon test its 2025 highs near $4,000.
Wynn executed these trades on Hyperliquid, a decentralized perpetuals exchange that recently advocated for 24/7 crypto trading in comments to the CFTC. The platform has gained attention as a venue for high-leverage positions despite their inherent risks.
Industry analysts caution that while such trades can yield outsized returns, they carry equally significant downside potential - as evidenced by Wynn's previous $100 million and $25 million liquidations in May and June respectively.