In a surprising turn of events, a cryptocurrency whale has reported massive losses for going into long positions.
Lookonchain detailed that the whale suffered major losses owing to poor timed long positions on perpetual contracts.
This whale is really not good at perpetual contracts.
The ETH-long positions of this whale were liquidated in the last two market crashes, with a loss of ~$5.1M.
— Lookonchain (@lookonchain) August 31, 2023
- However, after entering the long positions, the markets took a downturn, liquidating the whale’s Ethereum holdings.
- For instance, when ETH dumped in July from over $1.86k to below $1.7k, the whale was liquidated, losing $3.8 million in just that one long position.
- Lookonchain also tracked another long position about 13 days ago. In the period, the whale entered the market when Ethereum was seemingly recording upsurges but was liquidated when the asset dropped to about $1.62k. In the second case, the whale lost about $1.289 million.
- The two losses combined add up to $5.1 million.
- However, the whale still seems undeterred even when recording the big losses. On Aug. 29, Ethereum took upsurges after Grayscale’s landmark win against SEC in court; the trader reentered the market with a long when the second-largest crypto traded at about $1,717. Since then, ETH has sharply dove.
- Some comments about the report noted that the “whale needs a better strategy!”
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