That was close—I got everything wrong before. This morning I thought this guy was about to get liquidated, but by evening he was up over $4 million in unrealized gains 😂
An address opened about $101 million in long positions on an on-chain futures platform, spread across BTC, ETH, HYPE, and ZEC. The BTC position was leveraged 30x, ETH 15x, and HYPE and ZEC 10x each.
When the market got slammed on the morning of November 4, the positions were already down about $1.725 million on paper. The BTC position was only about $398 away from its liquidation price, and the HYPE position was even closer, with just about $6.58 to go. One more jolt, and these positions worth over $100 million would have been liquidated one after another.
But the market turned around again later that same day. By evening, the address had climbed back into the green, with about $4.058 million in unrealized gains. BTC contributed about $1.754 million, and ZEC about $1.245 million. The P&L swung by more than $5.78 million in a single day.
Just watching it was enough to make you nervous for him. Survive a position like that and it becomes a story; come up just short and you become a joke across the internet.
Beginners should watch more and trade less. If you’re buying crypto, just buy $BTC
An address opened about $101 million in long positions on an on-chain futures platform, spread across BTC, ETH, HYPE, and ZEC. The BTC position was leveraged 30x, ETH 15x, and HYPE and ZEC 10x each.
When the market got slammed on the morning of November 4, the positions were already down about $1.725 million on paper. The BTC position was only about $398 away from its liquidation price, and the HYPE position was even closer, with just about $6.58 to go. One more jolt, and these positions worth over $100 million would have been liquidated one after another.
But the market turned around again later that same day. By evening, the address had climbed back into the green, with about $4.058 million in unrealized gains. BTC contributed about $1.754 million, and ZEC about $1.245 million. The P&L swung by more than $5.78 million in a single day.
Just watching it was enough to make you nervous for him. Survive a position like that and it becomes a story; come up just short and you become a joke across the internet.
Beginners should watch more and trade less. If you’re buying crypto, just buy $BTC
