High-risk trader James Wynn recently made a bold bet on Ethereum, opening a 25x leveraged long position valued at $60.4 million with an entry price of $2,666.31.
As ETH trades near $2,699, the position is currently up by approximately $755,000. Over the past week, Ethereum has posted a sustained upward trend, rising from below $2,370 to over $2,700 between May 16 and May 23. As of today, ETH has crossed $2,700, reflecting renewed bullish sentiment across the market.
However, much of this movement is driven by aggressive trading activity, with leveraged positions increasingly influencing price action.
Wynn Bets Big on Ethereum
James Wynn, one of the most active traders in recent sessions, opened a leveraged long position totaling 22,548 ETH. Valued at $60.4 million, the trade was initiated at $2,666.31.
With Ethereum trading around $2,699.80, the unrealized gains currently stand near $755,047.88. While the price increase may appear modest, the use of high leverage has amplified returns. Meanwhile, the funding cost for this position remains modest at $26,052.55, indicating favorable market conditions and a relatively short holding duration.
Meanwhile, this Ethereum position is part of Wynn’s broader high-leverage portfolio. Notably, he also holds a 40x leveraged long position in Bitcoin, with a notional value exceeding $801 million. That trade has yielded more than $13.6 million in profit, though it has accrued $3.46 million in funding fees.
Multiple High-Leverage Trades
In addition to Bitcoin and Ethereum, Wynn has a $26.77 million long position in the memecoin kPEPE, leveraged at 10x. This position remains active. However, not all of Wynn’s trades are in the green.
A 10x leveraged long on SUI is currently in the red, with an entry price of $3.97064. It stands as the sole underperformer in his otherwise profitable portfolio, despite broader market optimism.
These positions coincide with growing pressure on short sellers across the crypto market. Liquidation data over multiple time frames reveals a consistent pattern of squeezing shorts as prices climb.
Short Liquidations Dominate as Ethereum Rises
Data from the past 24 hours confirms a dominant trend in short liquidations for Ethereum. Out of a total $68.01 million liquidated, $42.87 million originated from shorts, almost double that of longs at $25.15 million.
This same imbalance extends to shorter windows: $21.38 million in short liquidations over 12 hours versus $11.41 million in long positions.
Within 4 hours, $11.16 million in shorts were cleared, compared to $6.48 million in longs. Even the 1-hour frame echoed this trend.
Essentially, the surge in Ethereum’s price and similar market moves continue to place over-leveraged short positions at risk.
At the same time, despite a 31.39% drop in overall trading volume, now down to $99.23 billion, market interest remains elevated. Open interest rose by 4.51%, reaching $33.98 billion.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
