The Insolvent James Wynn Makes a Surprising Comeback – Bets 40x on Bitcoin, 25x on Ethereum

James Wynn, a well-known cryptocurrency trader with high leverage cryptocurrency bets, has initiated two large leveraged positions, including a 25x long term position on Ether and a 10x long term position on PEPE. According to on-chain data, the amount of Ethereum owned by Wynn is 3.269 ETH, worth approximately $12.12 million, with an entry price of $3,726.28. The trading volume of kPEPE ( futures contract $PEPE-USD on his Hyperliquid) reached 812.16 million tokens, valued at approximately $11.28 million with an average entry price of $0.01358. At the time of writing, Wynn is holding an unrealized profit of $251,617 from his PEPE position, while his ETH bet has now decreased by more than $62,700. ETH trading is facing the risk of being liquidated at $3,492.8, while the liquidation level of the PEPE position is $0.012998. Wynn entered these positions after depositing 536,573 USDC ( USDC ) into Hyperliquid, a permanent decentralized exchange.

Wynn Returns to High-Leverage Cryptocurrency Trading At the beginning of this month, Wynn seemingly disappeared from social media after heavy losses. His X account, previously named "JamesWynnReal", was deactivated on July 13, and his last bio update simply read "bankrupt". However, this cryptocurrency trader returned last week, opening two high-leverage positions. His trades include a buy order for Bitcoin ( BTC ) valued at over 19.5 million dollars at a price of 40x and a buy order for PEPE ( PEPE ) memecoin valued at over 100,000 dollars at a price of 10x. Wynn first gained fame after a $100 million leveraged Bitcoin bet was liquidated on May 30, followed by another significant loss of $25 million from a second position on June 5. He claimed that his liquidation was being deliberately targeted by major competitors in the market. "A great time for a 40x buy position," Wynn wrote in a post on X on Tuesday. "Of course, it's never financial advice. But the MMs have run out of ammo," Wynn added after opening his leveraged positions. The Tightening of Ethereum is Becoming Stronger According to The Kobeissi Letter, Wynn's bold bet on ETH comes at a time when the currency has skyrocketed in July, causing one of the largest short selling events in cryptocurrency history. ETH has risen 20% in a week and gained over $150 billion in market capitalization since July 1. With ETH/USD approaching $3,700 and heading toward the high of 2025, analysts predict that $4,000 will be reached soon. Kobeissi estimates that an additional 10% price increase could liquidate another $1 billion in short positions, especially as many of these positions are leveraged. Meanwhile, Bitcoin's market dominance has decreased to 61.4%, the lowest level since March, as traders shift to alternative cryptocurrencies such as Ether and XRP.