A prominent trader recently lost more than $6 million after going long on Ethereum (ETH) on the verge of another market correction. The trader went from having $43 million to securing only minor gains.
"Easy come, easy go"
The trader managed to turn $125,000 into $29.6 million in just four months by going irresponsibly long on Ethereum (ETH).
The trader "masterfully" compounded profits, putting all gains back into his ETH long. He eventually managed to accumulate an enormous ETH position worth roughly $303 million.
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His peak profit reached a whopping $43 million after months of legendary moves.
However, things went south quickly, and the trader's profit started shrinking at a rapid pace.
On Aug. 18, the trader closed all ETH longs, securing a massive profit of $6.9 million.
Even though the aforementioned sum is far from the peak value of his account, he still managed to walk away with a gain of 55X.
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The trader, however, did not stop there. According to Lookonchain, the trader ended up reopening an ETH long and losing all of his remaining gains during the most recent market crash.
His account is now worth a mere $771,000 after virtually all gains have been wiped out.
While the trader is still sitting at 5X, the losses must have been devastating for him.
16% correction
Ethereum went on a monster run last July, surging by a whopping 49%.
Bolstered by strong ETF inflows and growing corporate adoption, the altcoin went on to extend its rally in August. It peaked at $4,791 earlier this month, coming awfully close to reaching a new all-time high.
However, the rally has now stalled, with the ETH price plunging to an intraday low of $4,064 earlier this Wednesday.
The token has now recorded a 16% correction from the aforementioned local peak.
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