Ethereum News Today: Crypto Trader Wynn Bets Big on ETH with 25x Leverage Amid 20% Weekly Gain

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 belief in the potential for significant price appreciation in the near future. Ethereum, as the backbone of many decentralized finance (DeFi) applications and non-fungible token (NFT) marketplaces, has been a focal point for traders and investors alike. By employing such high leverage, Wynn is positioning himself to capitalize on any upward price movements, while also accepting the heightened risk of substantial losses if the market moves against him. Similarly, Wynn's 10x long position on PEPE reflects his confidence in the emerging digital asset. PEPE, while not as established as ETH, has garnered attention for its potential as an investment opportunity. Wynn's move suggests that he sees value in PEPE's growth prospects and is willing to take on the associated risks to achieve potentially high returns.

The use of leverage in trading is a double-edged sword. It allows traders to control larger positions with a smaller amount of capital, amplifying both potential profits and losses. Wynn's aggressive approach to trading, as evidenced by his high leverage ratios, underscores his willingness to take on substantial risk in pursuit of substantial returns. This strategy is particularly relevant in the current cryptocurrency market, which is characterized by heightened volatility and uncertainty. Wynn's actions also highlight the growing interest in DeFi and 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. His investment in PEPE, on the other hand, reflects a broader trend of interest in emerging cryptocurrencies and digital assets.