High-profile crypto trader James Wynn is once again making headlines with his latest strategic moves. As the Bitcoin price hovers above the psychological $90k level, Wynn closed his BTC long position, raking in a staggering profit of $87k. In a bold move, he has also opened a new Ethereum long position with 25x leverage.
From Bitcoin to Ethereum: James Wynn’s Strategic Crypto Play
According to an X post shared by Onchain Lens, veteran trader James Wynn has made a bold move, highlighting his profit-booking strategy. With Bitcoin facing resistance near the $90k zone, the trader managed to capitalize on the cryptocurrency’s recent upswing.
As per Onchain Lens’ findings, James Wynn closed his Bitcoin long position in a single move, selling approximately 87.67 BTC at an average price of $92,765. This resulted in a realized profit of about $43,790 after fees.
Recently, as CoinGape reported, James Wynn opened a Bitcoin long position, immediately after the cryptocurrency broke past $93k after weeks. At the time, the trader held a long position of 124.18 BTC, leveraged 40x, with an estimated position value of $11.5 million. The average entry point was near $91,332.
Significantly, James Wynn’s move marks a remarkable profit-taking tactic and capital rotation rather than being bearish on BTC. As he locked in profits from the bull run of the crypto at $93k, he avoided potential risks of a pullback.
In addition, his decision to open a 25x leveraged long position on Ethereum following the closure of the BTC position highlights his strong conviction about the altcoin’s potential. This indicates that James Wynn remains confident about Ethereum’s short-term upside compared to BTC.
Ethereum and PEPE Emerge as Next Trade Options
Interestingly, James Wynn redirected investments into Ethereum after closing his BTC long position. This signals his optimistic approach to the Ether token. His move sparks widespread optimism about the token, indicating that ETH will potentially outperform BTC in the near future. Currently, the ETH price is marked at $3,254, placing itself in a critical zone.
Moreover, James Wynn’s interest in meme coins like PEPE has also sparked intense speculation. Reportedly, he holds long positions in PEPE with 10x leverage, which currently shows a floating profit of about $172k.
While Wynn shifts his focus from the pioneer cryptocurrency to altcoins and speculative meme coins, traders and investors remain curious about his next moves. It also sparks an overwhelming positive sentiment towards alternative and meme-based tokens.
Source: https://coingape.com/james-wynn-closes-bitcoin-long-with-87k-profit-opens-eth-position/
