Lookonchain has identified a trader who was able to make around $1 million by accurately predicting the movement of Ethereum (ETH).
Taking positions in the volatile crypto market remains a risky business as highlighted by another trader who lost just over $1 million longing Bitcoin.
In the crypto market, there’s more than one way of making a profit, depending on one’s skill and capability. One GMX trader has demonstrated this after making around $1 million on the decentralized spot and perpetual contract trading platform, GMX.
The trader was able to accurately predict the momentum of the largest altcoin in the market and was able to long and short the digital asset. Lookonchain data shows that on July 14th, the trader shorted the Ethereum (ETH) while it was nearly $2,000 before closing the position after the market crashed on August 17. During this time, the trader made nearly $1 million.
The trader was also able to make nearly $190K when he went long on ETH after it hit the price of $1,624. This trader has clearly enjoyed a streak of success on the decentralized exchange (DEX) which is currently live on the Ethereum scaling solution Arbitrum (ARB) and the smart contract platform Avalanche (AVAX).
At the time of press, ETH is exchanging for $1,637 after a drop of nearly 2 percent in the last 24 hours. This takes the weekly losses to around 10 percent. The Fear & Greed index shows that a majority of investors are fearful which indicates that the digital asset is bearish. However, some institutional investors and whales are likely to be filling their bags at a discount which could lead to a pump in the near future.
The crypto industry can be highly volatile and another trader on GMX has demonstrated how a speculator can easily be wrecked. A trader on the platform who had previously traded 4 times and made around $640K, has lost a little over $1 million thus far after shorting Bitcoin with an entry price of $28,433.
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This loss demonstrates how risky it is to speculate on the movement of crypto prices, especially in the short term.
At the time of press, Bitcoin is exchanging $25,806 after a drop of nearly 1 percent in the last 24 hours. This pushes the weekly losses of the largest cryptocurrency to a little over 11 percent. Bitcoin has been on a bearish trend for the last couple of weeks but experts foresee a quick turnaround on positive news. A Bitcoin spot ETF approval is one of the main events that could launch Bitcoin on a bullish run.
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