James Wynn, a crypto trader known for his high-leverage crypto bets, has entered a massive leveraged position on Ether (ETH), opening a 25x long as ETH pushes to fresh highs above $4,860.

According to onchain data, Wynn deployed roughly $5,568 in margin to control a 29.3 Ether position valued at $139,215, with an average entry price of $4,239. At the time of writing, the position is showing unrealized gains of $14,888, representing a return of more than 267%.

Wynn is also running a 10x Dogecoin (DOGE) long, valued at $206,130 for 867,335 DOGE. Entered at an average price of $0.2398, the trade is slightly underwater, showing an unrealized loss of $1,886 with DOGE currently near $0.237.

Overall, Wynn’s combined leveraged exposure is $345,000, with his total equity hovering around $26,600. His margin usage sits at around 110%.

Related: This crypto trader just lost $100M, but he’s still not done

Wynn returns to trading

Last month, Wynn resurfaced after a brief disappearance from social media, during which he deactivated his X account with a final bio update reading simply, “broke.”

On July 15, he re-entered the market with two aggressive trades, including a 40x Bitcoin (BTC) long worth $19.5 million and a 10x PEPE (PEPE) long valued at over $100,000.

Wynn gained notoriety when his $100 million leveraged Bitcoin position was liquidated on May 30, followed by another $25 million loss just days later on June 5. At the time, he alleged that large players deliberately targeted his liquidation levels.

Related: EU exploring Ethereum, Solana for digital euro launch: FT

Ether surges to a new high

Ethereum’s native token Ether surged to a fresh record high on Friday, hitting $4,867 on Coinbase, its strongest level since November 2021. The rally came after Federal Reserve Chair Jerome Powell signaled a possible interest rate cut in September, sparking renewed appetite for risk assets.

The bullish backdrop has been reinforced by fresh inflows into spot ETH ETFs. On Thursday, the funds recorded $287.6 million in net inflows, lifting their collective assets under management to over $12.1 billion. The rebound followed four straight days of outflows.

Corporate treasuries are also fueling momentum. In the past month, firms including BitMine, SharpLink, Bit Digital, BTCS and GameSquare have added roughly $1.6 billion worth of ETH, taking total corporate Ethereum reserves to nearly $30 billion.

Magazine: Altcoin season 2025 is almost here… but the rules have changed