---
title: "Here is How a Trader Profited $1 Million After the Crypto Crash"
url: https://diffcoin.com/here-is-how-a-trader-profited-1-million-after-the-crypto-crash/
description: "The person in question has traded ten times on GMX, having a win rate of 80%."
published: 2023-08-22
updated: 2023-08-22
author: "Mila"
site: "Diffcoin"
---

# Here is How a Trader Profited $1 Million After the Crypto Crash

As revealed by Lookonchain, a mysterious user of the decentralized perpetual exchange GMX raked in approximately $1,000,000 after the crypto market crashed in mid-August since they shorted Ethereum at a high price a month ago.

- The trader opened the short position on July 14, when ETH was worth around $2,000 (per CoinGecko’s data), and closed it on August 17, when the second-largest cryptocurrency by market capitalization dipped to almost $1,700. The generated profit equaled nearly $1 million.
- The GMX trader waited a bit and opened another position, but this time betting that Ethereum’s valuation will head north. The entry price was $1,624, whereas ETH currently trades at over $1,660.

> A GMX trader shorted [$ETH](https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw) at a high price on Jul 14 and closed the position after the market crashed on Aug 17, making nearly $1M.
> 
> Then went long [$ETH](https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw) immediately, the entry price was $1,624, and the current profit is $189.5K. [pic.twitter.com/h97b6XMm3k](https://t.co/h97b6XMm3k)
> 
> — Lookonchain (@lookonchain) [August 21, 2023](https://twitter.com/lookonchain/status/1693464649751318605?ref_src=twsrc%5Etfw)

- Lookonchain disclosed that the trader in question has been highly successful, seeing eight out of their ten trades profitable.
- It is worth mentioning that other crypto participants did not have the same success and registered significant losses due to the recent correction of the market.
- As *CryptoPotato* reported earlier this week, Andrew Kang (Co-Founder of the crypto-focused venture capital firm Mechanism Capital) parted with more than $430,000 on August 18 as he opened long positions on Bitcoin (BTC), Ethereum (ETH), and Arbitrum (ARB), using up to 100x leverage.

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[Source link](https://cryptopotato.com/here-is-how-a-trader-profited-1-million-after-the-crypto-crash/)