Ethereum News Today: Crypto Trader James Wynn Bets Big on ETH and PEPE with 25x and 10x Leverage

James Wynn, a high-leverage crypto trader, has recently opened two significant leveraged positions, a 25x long on Ether (ETH) and a 10x long on PEPE. According to onchain data, Wynn’s ETH position amounts to 3,269 ETH, valued at approximately $12.12 million, with an entry price of $3,726.28. His PEPE long spans 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 these positions after depositing 536,573 USDC into Hyperliquid, a decentralized perpetuals exchange. This move comes after Wynn seemingly disappeared from social media earlier this month following catastrophic losses. His last bio update simply read “broke.” However, he 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.

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. 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. 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.

Wynn's decision to go long on ETH with 25x leverage indicates a strong conviction in the potential price appreciation of Ethereum. This aggressive strategy allows him to control a much larger position with a relatively small amount of capital, amplifying both potential profits and losses. Similarly, his 10x leverage on PEPE suggests a belief in the emerging digital asset's growth prospects. The use of high leverage in trading is inherently risky, as it can lead to significant losses if the market moves against the trader's position. However, Wynn's strategy reflects his confidence in the long-term value of ETH and PEPE, as well as his willingness to take on substantial risk in pursuit of substantial returns.

Wynn's move comes at a time when the cryptocurrency market is experiencing heightened volatility and uncertainty. By going long on both ETH and PEPE, he is positioning himself to capitalize on any significant price movements in these cryptocurrencies. His strategy of averaging down by injecting additional funds is a common tactic used by traders to reduce the average cost of their positions and increase their potential for profit. Wynn's actions also highlight the growing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs), both of which are closely tied to the Ethereum ecosystem. By going long on ETH, Wynn is positioning himself to benefit from the continued growth and adoption of these innovative financial technologies. Similarly, his investment in PEPE reflects a broader trend of interest in emerging cryptocurrencies and digital assets.