James Wynn, a crypto trader known for his aggressive use of leverage, has opened a major position on Ethereum, going 25x long as ETH surges to new highs above $4,860.
On-chain data shows Wynn committed roughly $5,568 in margin to take control of a 29.3 ETH position worth $139,215, with an average entry price of $4,239. The trade is currently up $14,888 in unrealized profits — a gain of more than 267%.
Wynn is also holding a 10x leveraged long on Dogecoin, worth $206,130 for 867,335 DOGE. Entered at an average price of $0.2398, the position is slightly in the red, showing an unrealized loss of $1,886 as DOGE trades near $0.237.
In total, Wynn’s leveraged exposure amounts to roughly $345,000, backed by about $26,600 in equity, with his margin usage standing at around 110%.
Wynn returns to trading
Last month, Wynn reappeared after a brief hiatus from social media, during which he deactivated his X account with a final bio update that read simply: “broke.”
On July 15, he returned to trading with two high-risk bets — a 40x Bitcoin long valued at $19.5 million and a 10x PEPE long worth more than $100,000.
Wynn first drew widespread attention in late May when his $100 million leveraged Bitcoin position was liquidated on May 30, followed just days later by another $25 million wipeout on June 5. At the time, he claimed that major market players had intentionally driven price action to hit his liquidation levels.
Ether surges to a new high
Ether, the native token of Ethereum, climbed to a new all-time high on Friday, reaching $4,867 on Coinbase — its strongest level since November 2021. The rally followed comments from Federal Reserve Chair Jerome Powell hinting at a potential rate cut in September, which boosted investor appetite for risk assets.
Fresh inflows into spot ETH ETFs have further strengthened the bullish momentum. On Thursday alone, the funds saw $287.6 million in net inflows, pushing their combined assets under management above $12.1 billion after four consecutive days of outflows.
Corporate adoption is also adding fuel to the surge. Over the past month, companies including BitMine, SharpLink, Bit Digital, BTCS, and GameSquare collectively acquired about $1.6 billion worth of ETH, lifting total corporate reserves to nearly $30 billion.
