A high-risk trader, James Wynn, just made a bold bet on ETH. Wynn just opened a 25x leveraged long position valued at around $60.4 million, with an entry price of just $2,666.31.This high-risk bet is potent enough to produce high ROI, as ETH has been on the upward curve for a while now.
Between May 16 and May 23, the token grew from $2,370 to over $2,700. However, much oif this aggressive rise is caused by aggressive trading. This has made the leveraged position powerful enough to influence any price action.
According to reports, Wynn opened a long position in ETH for close to $60.4 million, with the initial trade valued at $2,666.31.ETH is currently trading for $2,699.80. As a result, the unrealised gain of this investment is close to $755,047.88.
Even though the price might initially appear modest, high leverage can amplify returns to the next level, while the funding cost for the position remains humble at around $26,052.55. As a result, this indicates a favorable and growing market.
As per sources, Wynn’s ETH holdings are part of his high-leverage strategy. He notably holds 40x long positions in BTC. That can easily exceed $801 million. Therefore, the gamble might just pay off in the longer run.
