More Upside Incoming? James Wynn Opens Another 25x Long on ETH, 10x on PEPE

Key Insights

• James Wynn recently returned to leveraged trading with a $23 million bet on Ethereum and PEPE after weeks of silence.
• His PEPE long position netted over $521,000 in profit, showing his biggest win since May.
• Ethereum's ongoing short squeeze made it an attractive long for high-leverage traders.
• Despite recent gains, Wynn's trading record shows more losses than wins, with a win rate of just 36.6%.

James Wynn who is known for his aggressive, high-leverage bets, is no stranger to strong volatility.

After vanishing from social media amid devastating losses, Wynn has made a comeback lately with more capital, fresh confidence and two new bets that have been all the rage for the last few days.

$23 Million on ETH and PEPE

Wynn placed two high-leverage trades through Hyperliquid on July 21. Onchain data shows that he opened a 25x long position on Ethereum (ETH) worth over $12.12 million, after entering at $3,726.28 per ETH.

At the same time, he opened a 10x long on PEPE, buying over 812 million tokens at $0.01358. In total, the PEPE position was worth around $11.28 million. And when combined with the Ethereum position, both amounted to around $23 million

His timing wasn’t random either. Wynn had just deposited $536,573 USDC into Hyperliquid to fuel his new positions.

At one point, Wynn was up $251,617 on his PEPE trade, while his ETH bet lagged with an unrealized $62,700 loss. The liquidation levels were set at $3,492.80 for ETH and $0.012998 for PEPE, leaving little room for error.

However, Wynn closed both trades shortly after, bagging $33,386 from ETH and a massive $521,313 from PEPE. This stands as his biggest win since his $18 million score on May 25.

A Pattern of Boom and Bust

Wynn’s return was unexpected. Wynn disappeared from social media on July 13, after losing multiple risky trades, including a $100 million Bitcoin long and a $25 million position just days apart.

His X account went dark, and his profile read only one word: “broke.”

However, the silence didn’t last. On July 15, Wynn started to rebuild. After collecting referral rewards and funding his Hyperliquid wallet again, he reopened trades and went straight for PEPE and Bitcoin.

He shorted both positions and netted almost $474,000 in two days.

While Wynn’s trading style is still as erratic as ever, his latest moves show that he is shifting towards more tactical entries and exits. His win rate still sits at a modest 36.6%. Yet even with more losses than wins, a few successful trades can still turn the tide.

Why Ethereum, Why Now?

Wynn’s choice to long ETH wasn’t out of the blue. Ethereum surged 20% in July, fueled by one of the biggest short squeezes in crypto history. The token has added more than $150 billion to its market cap since July 1 and seems poised to test the $4,000 level.

Analysts predict that a further 10% price jump could wipe out over $1 billion in short positions, especially those with leverage. For a high-risk trader like Wynn, this presented a prime opportunity to ride the wave.

Meanwhile, Bitcoin’s dominance has dropped to 61.4%, which is its lowest since March. This indicates that there is an ongoing market shift toward altcoins like ETH and XRP.

Wynn may have seen this rotation as a signal to double down on Ethereum rather than betting on Bitcoin again.

The PEPE Play

Wynn’s 10x PEPE long paid off quickly, and delivered a $521K profit, which is his best in two months. However, it wasn’t a guaranteed win. The liquidation level was just a fraction below his entry, which means that the entire trade could have imploded with a minor pullback.

Still, the trade succeeded, and Wynn followed up with another 10x PEPE long, He is currently sitting on a $30,759 unrealized gain, alongside a 10x DOGE long up $374,095.

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