- James Wynn jumps back in with $23M long bets on ETH and PEPE despite losing $100M in Bitcoin trades earlier this year.
- Wynn’s risky PEPE bet sits near liquidation with high funding costs, yet he continues doubling down on extreme leverage.
- ETH’s steady funding rates show bullish trader sentiment, but Wynn’s moves reflect the dangers of chasing gains without risk limits.
James Wynn, the controversial crypto trader known for high-risk positions, is back in the spotlight with new million-dollar bets. According to Lookonchain, Wynn just deposited $536,573 in USDC into Hyperliquid. He then opened fresh long positions—3,269 ETH worth $12.12 million and 812.16 million kPEPE worth $11.28 million. Wynn’s trading moves reignited interest, especially after his previous $100 million Bitcoin long position was wiped out in May 2025.
Throughout April to July, Ethereum’s funding rates remained mostly positive, hovering between 0% and 0.015%. These rates reflect how much traders pay to hold leveraged positions. Higher rates usually mean the market is bullish.
Source: Coinglass
However, analysts warn this can also signal overheating. Notably, funding spikes hit mid-May and July during heavy price swings. ETH traded between $2,000 and $3,500 during this phase. These patterns confirm strong bullish activity with brief cooling periods.
Wynn Doubles Down Despite Past Losses
Despite previous failures, Wynn keeps making aggressive trades. He built a concentrated PEPE position, starting with 18,153 tokens and ramping up to over 6 million in 95 minutes. Entry prices ranged from $0.011999 to $0.012015.
Trade values spanned from a few hundred to over $72,000. At one point, his PEPE contract showed an unrealized gain of $1,708.16. Yet, his risk remains high. His funding rate stands at -7.22%, with a liquidation price of $0.00001137.
Moreover, PEPE recently traded at $0.00001213, a 3.7% dip in 24 hours. Intraday lows came close to Wynn’s liquidation threshold at $0.00001175. Hence, his bet sits on shaky ground. Wynn’s history adds fuel to the fire. In May 2025, he lost 949 BTC, then worth $100 million, after a steep price drop.
Trader or Gambler
Wynn once admitted on X that he was “effectively gambling.” He denied being a professional and warned others not to copy him. Days later, he placed another $100 million bet on Bitcoin.
He even blamed market makers for manipulating his positions. Consequently, he asked the crypto community for help. At least 24 wallets sent him funds. He later liquidated 240 BTC worth $25 million to stabilize his trades.
