James Wynn Returns to High-Leverage Crypto Trading
The infamous crypto trader, recently labeled “broke,” places massive bets on Ether and PEPE.
Bold 25x ETH and 10x PEPE Positions
Crypto trader James Wynn, notorious for his high-leverage strategies, has initiated two highly leveraged long positions at Hyperliquid.
On-chain data reveals Wynn holds 3,269 ETH (~$12.12M) with a $3,726.28 entry price. His kPEPE futures (approx. $PEPE-USD) position represents 812.16 million tokens (valued ~$11.28M on $0.01358) among the largest listed on-chain data platforms like Lookonchain.
Current positions show Wynn with a $251,617 unrealized profit on the PEPE bet, while the ETH trade incurs over $62,700 of paper loss. Key liquidation levels stand at $3,492.8 for ETH and $0.012998 for PEPE.
These stakes were opened after Wynn deposited 536,573 USDC into the decentralized perpetual exchange.
Commentary: Market Manipulation?
After opening his positions, Wynn tweeted: “Beautiful timing for a 40x long. Never financial advice of course. But the MM’s are out of gun powder.” Referring to market makers as depleted, he suggested potential market rigging ahead of price moves.
A Troubled Comeback
One month after securing funding, Wynn seemingly vanished from social media following catastrophic losses. His previously active Twitter account @JamesWynnReal was suspended in mid-July.
Famously, Wynn gained attention earlier this year when two massive leveraged Bitcoin bets were liquidated in rapid succession. A $100M ETH position, now succeeded by similar value moves in both crypto king and meme token.
Narrative: ETH Short Squeeze Intensifies
Contexting Wynn’s Ether long, The Kobeissi Letter noted a massive short squeeze continues. ETH prices surged in July, gaining 20% and adding ~$150B to market cap despite Bitcoin’s dominance nearing 60%.
Analysts speculate $4000 could arrive as ETH/USD approaches $3700, a near 2025 high. Sensitivity estimates suggest another 10% gain could force additional $1B in leveraged short positions to liquidate.
Market Context
Funding shifts from Bitcoin in favor of altcoins is evident: Bitcoin dominance dropped below 62%, with traders targeting Ethereum and XRP in particular.
