James Wynn, a crypto dealer identified for his high-leverage crypto bets, has initiated two main leveraged positions, together with a 25x lengthy on Ether and a 10x lengthy on PEPE.
In response to onchain information, Wynn’s Ether (ETH) place quantities to three,269 ETH, valued at roughly $12.12 million, with an entry value of $3,726.28. His kPEPE (the title for the $PEPE-USD futures contract on Hyperliquid) lengthy spans a staggering 812.16 million tokens, price roughly $11.28 million at a median entry of $0.01358.
On the time of writing, Wynn is sitting on a $251,617 unrealized revenue from his PEPE place, whereas his ETH wager is at present down over $62,700. The ETH commerce faces liquidation at $3,492.8, whereas the PEPE place’s liquidation degree sits at $0.012998.
Wynn entered the positions after depositing 536,573 USDC (USDC) into Hyperliquid, a decentralized perpetuals change.
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Wynn returns to high-leverage crypto buying and selling
Earlier this month, Wynn seemingly disappeared from social media after struggling catastrophic losses. His X account, beforehand beneath the deal with “JamesWynnReal,” was deactivated on July 13, and his final bio replace merely learn “broke.”
Nevertheless, the cryptocurrency dealer made a return final week, opening two high-leverage positions. His trades included a 40x lengthy on Bitcoin (BTC) price over $19.5 million and a 10x lengthy on PEPE (PEPE) memecoin valued at greater than $100,000.
Wynn first rose to prominence after a $100 million leveraged Bitcoin wager was liquidated on Might 30, adopted by one other huge lack of $25 million from a second place on June 5. He claimed his liquidation ranges have been being intentionally focused by main gamers available in the market.
“Lovely timing for a 40x lengthy,” wrote Wynn in an X publish on Tuesday. “By no means monetary recommendation after all. However the MM’s are out of gun powder,” added Wynn after opening his leveraged positions.
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Ether quick squeeze intensifies
Wynn’s daring wager on ETH comes because the token has been surging in July, triggering one of many largest quick squeezes in crypto historical past, in response to The Kobeissi Letter. ETH has gained 20% in per 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 count on $4,000 to come back quickly. Kobeissi estimates that one other 10% value achieve might liquidate a further $1 billion briefly positions, notably as many are leveraged.
In the meantime, Bitcoin’s market dominance has dropped to 61.4%, the bottom since March, as merchants rotate into altcoins like ETH and XRP.
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