Ethereum shorter gains $1.1M on 50X leverage in 2 days
Release: 2024/12/26 19:54 Reading: 603
Savvy Trader Earns Over $1.1 Million in Cryptocurrency Short Position
A skilled cryptocurrency trader has realized a profit exceeding $1.1 million on their Ethereum (ETH) short position. Shorting involves borrowing cryptocurrency from a broker, selling it at the current price, and repurchasing it when the price declines.
Initial Position and Profits
The trader initiated the 50x leveraged short position when Ether was trading at $3,428. As of 10:56 AM UTC, they had shorted 19,186 Ether, totaling over $64.5 million. In addition to the unrealized profit of $1.1 million, the trader has also earned over $680,000 in funding fees.
Risks of Leveraged Trading
While leveraged trading can enhance returns, it significantly magnifies downside risks. Traders can potentially lose their initial investment if the market moves against their position.
Success Stories from 2024
Leveraging cryptocurrency's increasing valuations, several traders have made substantial gains in 2024. One trader turned a $27 investment into a $52 million profit on the Pepe (PEPE) memecoin, while another netted over $46 million from the same token. Traders have also capitalized on newly created meme tokens, such as Just a Chill Guy (CHILLGUY), generating significant returns.
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