Prominent trader James Wynn has re-entered the high-stakes crypto trading arena, placing significant leveraged long positions on Ether and the meme coin PEPE. This substantial bet underscores renewed confidence in these assets’ upward trajectory despite ongoing market volatility.
Wynn executed a 25x leveraged long position on Ether futures, acquiring 3,269 ETH valued at approximately $12.12 million. He simultaneously placed a 10x leveraged long position on PEPE futures, securing 812 million tokens worth around $11.28 million. These positions carry calculated liquidation risks at $3,492.80 for Ether and $0.012998 for PEPE, with Wynn already showing an unrealized profit exceeding $250,000 on the PEPE trade.
Wynn’s move arrives as Ether surged roughly 20% in recent weeks, adding over $150 billion to its market capitalization. Analysts note this surge could fuel further volatility driven by potential short squeezes.
The broader market context shows a rotation trend, with Bitcoin’s dominance falling to 61.4% – its lowest point since March. This decline signals capital flowing into altcoins like Ether and XRP.
Wynn utilized the Hyperliquid decentralized perpetuals platform for executing these trades. Hyperliquid recently enhanced its trading experience and engaged with regulators, facilitating large-scale leveraged positions such as these.