The crypto world just saw a bold move from one of its most aggressive traders. James Wynn, a name known in high-stakes crypto circles, placed a massive $60.4 million leveraged bet on Ethereum — and the market is watching closely.
According to blockchain data and trading insights, Wynn opened a 25x leveraged long position on ETH, betting big on further upside. This means he only needed around $2.4 million of actual capital to control more than $60 million worth of Ethereum.
With Ethereum recently pushing past the $2,700 mark, Wynn’s position is already showing profits of over $755,000. And while the price increase may seem small to the average trader, leverage magnifies gains (and losses) significantly.
Ethereum’s Price Climbs Amid Renewed Bullish Momentum
Ethereum has had a solid week, climbing from below $2,370 to over $2,700 between May 16 and May 23. This marks a nearly 14% rise in just seven days, signaling growing investor confidence and renewed bullish sentiment across the crypto space.
Much of this upward momentum appears to be fueled by leveraged trading, with many traders taking large positions and anticipating further price movement. Wynn’s trade is just one example of how aggressive bets are shaping price action.
While some may see this as a risky move, others believe it reflects the strong confidence many market veterans have in Ethereum’s short-term trajectory.
Wynn’s Portfolio: High Leverage, High Risk, High Reward
Wynn is no stranger to big trades. Alongside his Ethereum position, he also holds a massive 40x leveraged long bet on Bitcoin — totaling over $801 million in value. This BTC trade has already yielded him more than $13.6 million in profit, despite $3.46 million in funding fees.
He’s also dabbling in altcoins, including a $26.77 million long position in kPEPE using 10x leverage. That position remains active and profitable.
However, not all his trades are winning. His 10x leveraged long on SUI is currently underwater, reflecting the unpredictable nature of the market. Still, Wynn’s portfolio overall remains strongly in the green — for now.
Short Sellers Under Pressure As Liquidations Mount
One of the clearest signs of bullish momentum is the growing pressure on short sellers. Over the last 24 hours, Ethereum saw a total of $68 million in liquidations — with $42.87 million coming from short positions. That’s nearly twice the amount of long liquidations, which totaled $25.15 million.
Short liquidations occur when traders who bet against the market are forced to buy back their positions at a loss. This buying pressure adds fuel to the price rally, pushing Ethereum even higher.
The pattern is consistent across different time frames. In the last 12 hours, $21.38 million in shorts were liquidated compared to $11.41 million in longs. In just the last hour, $5 million in shorts were cleared, again exceeding long liquidations.
Leverage Is Driving the Market — But At What Cost?
Leverage has become a double-edged sword in the crypto world. While it can lead to outsized gains, it also brings heightened risk. When prices move against a highly leveraged position, losses can mount quickly — often leading to forced liquidations.
Traders like Wynn understand this well. They’re betting that the momentum in Ethereum and other major cryptos will continue. But if the market turns sharply, even a small dip could erase millions in paper profits — or worse, lead to steep losses.
Still, leveraged trading has become a central force in crypto price action, often determining short-term market trends and volatility spikes.
Ethereum Remains a Market Favorite
Despite the risks, Ethereum continues to attract bullish bets. Its strong developer ecosystem, growing institutional interest, and role in powering DeFi and NFT platforms give it long-term appeal.
Even as overall crypto trading volume fell 31.39% this week to $99.23 billion, Ethereum’s open interest — a measure of active futures contracts — rose by 4.51%, reaching $33.98 billion. This suggests traders are still betting on bigger moves ahead.
With the current wave of long positions and short liquidations, Ethereum could be gearing up for a strong breakout — or facing the threat of a sudden reversal if market sentiment shifts.
Final Thoughts: Risk and Reward in a Volatile Market
James Wynn’s bold bet is the latest example of the high-stakes world of crypto trading. As Ethereum rises, so do the rewards for those willing to take risks — and the dangers for those caught on the wrong side of the trade.
Whether you’re a seasoned investor or just starting to explore the crypto space, Wynn’s position serves as a reminder: the crypto market rewards conviction, but it punishes overconfidence just as quickly.
In the days ahead, Ethereum’s path will likely continue to be shaped by aggressive trades, funding rate shifts, and liquidation waves. For now, all eyes are on the $2,700 level — and whether Ethereum has what it takes to break through resistance and push even higher.
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