High Risk, High-Reward? Trader Ups Ethereum Short Before Crypto’s Pullback, Records Unrealized Profit Of $1.8 Million
A leveraged trader who doubled down on their Ethereum (CRYPTO: ETH) short bet on Wednesday was sitting on unrealized profits as the second-largest cryptocurrency fell in value.
What Happened: According to on-chain tracker Lookonchain, the trader deposited an additional $3.37 million in USD Coin (CRYPTO: USDC) to increase their short on Ethereum. As of this writing, the position stands at 40,000 ETH, equivalent to $109.9 million.
The trader opened a 15x leveraged short position on ETH on the decentralized perpetual trading platform Hyperliquid at an entry price of $2,793.81.
The trader has an unrealized profit of $1.80 million at the time of writing. The entire position would be liquidated if ETH rallies to $2,938.2
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