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Wayne is a werewolf and Eddie has known it since he moved in. He was turned as a boy and joined the army with the reasoning that being a werewolf would make his chances of surviving better. Now he makes sure to work the nightshift so that when he vanishes into the woods for full moon nights people don't question it. Either he's working, or he's staying up in order to keep the sleep schedule needed to work nights.
Even calling the police and reporting Chrissy's death, he's the first to find Eddie, the one who learns what Eddie saw first and starts trying to figure out what to do. They're both in the boathouse when Steve, Dustin Robin and Max get there to try and help and makes Eddie hide in case this is someone hunting his nephew down. Steve still gets threatened but now by Wayne who after deciding he's not out to hurt his boy starts demanding to know why he'd bring children to look for Eddie. That's what gets them talking about the Upside Down before learning anything about what happened to Chrissy, well that and the claws Wayne is just letting start to emerge to enhance his threat.