Key Notes
- James Wynn’s ETH trade currently shows unrealized gains of $14,888, or over 267%.
- Wynn’s combined leveraged exposure across ETH and DOGE is roughly $345,000, with equity around $26,600.
- Ethereum price surged to $4,867, its highest since November 2021, boosted by Federal Reserve Chair Powell’s potential rate cut signal.
Popular crypto trader James Wynn, famous for initiating long-leveraged bets, has opened a massive 25x leveraged long position on Ethereum, as the ETH price hit an all-time high of $4,884 earlier today.
On-chain data shows that Wynn used approximately $5,568 in margin to open a 29.3 ETH position worth $139,215 at an average entry of $4,239. The trade currently reflects unrealized gains of $14,888, translating to a return exceeding 267%.
Earlier this year, in May, James Wynn gained immense recognition for minting $100 million in leveraged long bets on meme coins. However, the infamous crypto trader lost it all in his long bets on Bitcoin later on, on decentralized exchange (DEX) Hyperliquid.
James Wynn Returns to Leverage Trading
Last month, Wynn reappeared following a short hiatus from social media, during which he deactivated his X account after updating his bio to a single word: “broke.”
Along with ETH leverage bet, Wynn also took a 10x leveraged long position in Dogecoin (DOGE), valued at approximately $206,130 for 867,335 DOGE. The position was entered at an average price of $0.2398 and is currently slightly in the red, showing an unrealized loss of about $1,886, with DOGE trading near $0.237.
In total, Wynn’s leveraged exposure stands at roughly $345,000, while his equity is around $26,600, resulting in a margin utilization of approximately 110%.
Crypto trader James Wynn takes leveraged bets on ETH, DOGE | Source: Hyperdash
ETH Price Eyes Breakout Past $5,000
Ethereum price climbed to a new all-time high on Friday, August 22, reaching $4,867 on Coinbase, its highest level since November 2021. The surge is explained by Federal Reserve Chair Jerome Powell’s Jackson Hole speech, signaling a potential interest rate cut in September, boosting demand for risk assets.
Renewed inflows into spot ETH ETFs further supported the bullish sentiment. On Friday, spot Ether ETFs across all US issuers saw $337.6 million in net inflows, pushing their combined assets under management above $12.1 billion after four consecutive days of outflows, as per data from Farisde Investors.
Corporate adoption has added to the momentum. Over the past month, companies such as BitMine, SharpLink, Bit Digital, BTCS, and GameSquare have collectively purchased around $1.6 billion in ETH, bringing total corporate holdings close to $30 billion.
next
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
