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Persistent Gambler Trader Left 5 Million Dollar in Ethereum Short in 8 Hours! - Coin Bulletin
A trader who opened a short position on Ethereum using maximum leverage on the Hyperliquid platform lost $4.77 million of his $5.08 million investment in just 8 hours.
Cryptocurrency market's rapid price movements pose significant risks for investors engaging in leveraged trading. According to Lookonchain's report, a trader invested 5.08 million dollars into the Hyperliquid platform, opening a short position on Ethereum (ETH) with a maximum leverage of (25x), and lost 4.77 million dollars in just 8 hours.
After the transactions, the trader's account only had 310 thousand dollars left. This dramatic loss clearly shows how risky leveraged trading can be.
The trader, described by Lookonchain as a "full gambler," preferred to maintain his 25x leveraged short position on ETH by investing more USDC instead of closing his position despite his initial losses. At one point, the trader's loss had exceeded 2.6 million dollars, and the liquidation price was set at 2,343.4 dollars.
According to later updates, the trader had to close his short position on ETH with a loss of 333.6 thousand dollars. But the story didn't end there. The same trader (ya a different trader) deposited another 3.36 million USDC in Hyperliquid, again shorting ETH with 25x leverage. This new position totaled 41,947 ETH (92 million dolar) and initially showed an unrealized profit of $658K. The liquidation price of this new position is set at $2,247.1.
Lookonchain raised the question while sharing these aggressive transactions, "Does this person know something we don’t, or are they just playing a high-risk gamble?" Considering the recent rapid rise in Ethereum prices, opening such large short positions is seen as quite a risky strategy.
Cryptocurrency positions with such high risks in the markets can increase market volatility and lead to larger price movements due to the domino effect. Especially the collective triggering of liquidation levels can cause sudden spikes or drops in prices.