High-leverage trader James Wynn opens 25x long on ETH, 10x on PEPE

James Wynn's Latest Leveraged Positions
James Wynn, a well-known crypto trader for his high-leverage bets, recently opened two significant leveraged positions. These include a 25x long on Ether and a 10x long on PEPE.
Details of the Positions
Wynn's Ether position consists of 3,269 ETH, valued at around $12.12 million, with an entry price of $3,726.28. His PEPE long encompasses 812.16 million tokens, valued at approximately $11.28 million with an average entry price of $0.01358.
Current Status and Previous Losses
Currently, Wynn is seeing a $251,617 unrealized profit from his PEPE position, while his ETH bet is down over $62,700. Wynn entered these positions after depositing 536,573 USDC into Hyperliquid, a decentralized perpetuals exchange. Earlier this month, Wynn disappeared following substantial losses but made a comeback last week with these new trades.
Market Trends and Analyst Predictions
Wynn's bold move to go long on ETH aligns with the token's recent surge in July, leading to one of the largest short squeezes in crypto history. With ETH approaching $3,700 and analysts eyeing $4,000, Wynn's position could be risky. Additionally, Bitcoin's market dominance has decreased, prompting traders to shift towards altcoins like ETH and XRP.