Ethereum trader with perfect win record opens $45m long position
The investor entered the trade after a 7.8 per cent drop in the price of ether and is already showing an unrealised profit of $252,000.
Key takeaways
- 1Trader opened a 25x long position on 20,277 ETH worth $45.3 million
- 2The wallet has a 100 per cent win rate across its last 10 trades
- 3Realised profits from previous trades total $6.32 million
A cryptocurrency trader with a perfect record of 10 consecutive winning trades opened a $45.3 million long position on ethereum on 6 November. Lookonchain, the on-chain analytics service that tracked the wallet, reported that the trader employed 25x leverage to purchase 20,277 ETH. The move came after a sharp decline in the market that saw the second-largest cryptocurrency lose nearly 8 per cent of its value in 24 hours.
The trader is already up by $252,000 on the new position. According to Lookonchain, this investor has a 100 per cent win rate across its previous 10 trades. These transactions have generated a total of $6.32 million in realised profit. The use of high borrowing indicates a high degree of confidence in a price recovery, as it significantly increases the risk of liquidation if the price falls further.
Ethereum is the second-largest digital asset by market value and serves as the primary network for decentralised finance. At the time of the trade, ether was priced at $2,240.02 with a total market capitalisation of $273.7 billion, according to YourKhabri data. The 7.8 per cent drop that preceded the trade is part of a broader period of volatility for the asset.
Large leveraged positions from historically successful traders are often viewed by market participants as a signal of a local price floor. While the wallet's past performance does not guarantee future results, the size and timing of the $45.3 million bet suggest that sophisticated investors are looking for entry points during price corrections. Traders will now watch whether the price of ether can sustain a bounce or if further volatility will put the trader's position at risk.
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Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.