Crypto Trader James Wynn Takes Fresh Leveraged Bets on Ether and Dogecoin

James Wynn, a crypto trader known for high-risk positions, has opened a 25x leveraged long on Ether as the token surged to new highs, according to onchain data.

Wynn committed about $5,568 in margin to control 29.3 ETH valued at $139,215, with an average entry price of $4,239. At current prices near $4,726, the trade is showing unrealized gains of $14,888, equal to a return of more than 267%.

The trader also opened a 10x Dogecoin long, worth $206,130 for 867,335 DOGE at an average entry of $0.2398. With Dogecoin last trading at $0.237, the position is down about $1,886.

Overall, Wynn’s leveraged exposure totals $345,000, backed by equity of around $26,600, leaving his margin usage above 110%.

Wynn’s Trading History

The move comes weeks after Wynn reappeared following a brief absence from social media, during which he deactivated his X account with the message “broke.”

In July, he returned with two aggressive trades — a 40x Bitcoin long worth $19.5 million and a 10x PEPE long valued above $100,000. Wynn previously drew attention in May after his $100 million Bitcoin position was liquidated, followed days later by another $25 million loss. He alleged at the time that larger players deliberately pushed the market against his positions.

Ethereum’s native token Ether climbed to an all-time high of $4,867 on Friday, its strongest level since November 2021. The rally followed comments from Federal Reserve Chair Jerome Powell hinting at a possible September rate cut, fueling demand for risk assets.

Spot ETH exchange-traded funds have also seen renewed inflows, with $287.6 million added on Thursday, lifting assets under management above $12.1 billion. The inflows broke a four-day streak of outflows.

Corporate treasuries joined the buying spree. In the past month, firms including BitMine, SharpLink, Bit Digital, BTCS and GameSquare added roughly $1.6 billion worth of Ether, bringing corporate holdings close to $30 billion.

Leveraged crypto trading remains high-risk, often magnifying losses during volatile moves. In one of the largest events this year, a whale lost more than $308 million on a 50x Ether long in March after ETH dipped below $1,877.

While Wynn’s bold bet plays out or gets liquidated again, Binance co-founder Changpeng “CZ” Zhao floated the idea of a dark pool perpetual swap decentralized exchange (DEX) to help large traders avoid front-running and targeted liquidations.

In a post on X, Zhao questioned the logic of fully public orderbooks on decentralized platforms:

In traditional finance, dark pools are private venues where large trades are executed away from public orderbooks. Zhao said large players in TradFi routinely use dark pools “10 times bigger” than open venues to avoid tipping off the market.