- James Wynn’s new $ETH long faced a sharp liquidation, showing how risky heavy leverage remains even for seasoned crypto traders.
- Ethereum derivatives are booming in volume, but massive liquidations prove volatility keeps catching traders on both sides of the market.
- Crypto exchanges lead with billions in Ethereum activity, yet Wynn’s loss fuels fears that big players and platforms tilt the game.
Ethereum markets are heating up again as James Wynn, a well-known trader, suffers another painful liquidation. Wynn, who previously lost over $100 million in leveraged trades, now finds himself caught in another storm.
According to Lookonchain, his recent $ETH long was partially liquidated within just 10 hours, leaving him with 71.6 ETH worth $300,000. His new liquidation price now stands at $4,113.1, creating pressure on his positions. This development has reignited concerns over leveraged trading risks and market manipulation across major crypto exchanges.
Wynn’s Return Sparks Market Debate
Just a day earlier, Wynn returned to trading after claiming $19,206.72 in referral rewards. He used the funds to open a 25x leveraged Ethereum with a liquidation price of $4,152.8.
However, the move backfired quickly, echoing his infamous $100 million wipeout that triggered intense discussions about exchange practices. Many traders still recall his bold statement, “Money is not real,” a direct reference to manipulative behavior from platforms.
Moreover, he has long argued that exchanges track user patterns, entries, and leverage levels, giving them an unfair edge. Consequently, Wynn’s latest loss has further fueled the belief that whales and exchanges can influence market direction.
Ethereum Derivatives See Strong Activity
Besides Wynn’s struggles, Ethereum’s derivatives market is showing notable growth. The total derivatives volume rose by 8.58% to $144.09 billion. Additionally, open interest increased by 0.83%, reaching $61.07 billion.
However, options volume slipped by 7.34% to $2.4 billion. On the other hand, options open interest climbed by 3.78% to $17.93 billion. Hence, traders are shifting focus toward futures and open contracts, despite weaker options activity.
Source: Coinglass
Liquidations also highlight the market’s volatility. In just one hour, long positions worth $4.38 million were liquidated compared to $4.32 million in shorts. Over 12 hours, the figure jumped to $59.66 million, with longs losing $40.53 million.
Over 24 hours, liquidations surged to $176.06 million, with $127.47 million from long positions. Moreover, Binance leads activity with a long/short ratio of 2.1095 for ETH/USDT. OKX follows with 1.63, while Bybit and Bitfinex remain active.
Consequently, Ethereum’s derivatives market is highly active, but traders face severe risks. Wynn’s liquidation highlights the dangers of leverage, while exchange activity continues to shape market sentiment.
