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A prominent Ethereum trader has recently witnessed a turn of events. As per Lookonchain, a well-known on-chain analytics provider, the $ETH trader, after getting significant attention for making all profitable trades, has gone through the earliest loss of up to $71.4K. The analytics platform took to its official X account to offer insights into this event.
This smart trader with a 100% win rate has just completed another trade, but this time he lost money!
— Lookonchain (@lookonchain) September 18, 2024
He sold 5,690 $ETH($13.1M) at $2,304 yesterday and bought back 5,660 $ETH($13.1M) at $2,316 just now, losing 30.8 $ETH($71.4K)!https://t.co/6j9IRgvFNM pic.twitter.com/iPEoF5fY9q
A Well-Known Ethereum Trader Experiences an Unexpected Loss after Substantial 100% Profits
Lookonchain disclosed that the Ethereum trader had efficiently conducted 6 swing trades since the 2nd of September this year. In this respect, the trader turned up to 4821 $ETH tokens into nearly 5690 $ETH coins within only fifteen days. As a result of this, the trader obtained an enormous profit of almost 869 $ETH. This figure accounts for nearly $2M. Irrespective of this remarkable track record, the recent activity of the trader led to an unexpected loss.
The trader reportedly sold 5,690 $ETH with a value of up to $13.1M at a per-$ETH price of $2,304. Nonetheless, a surprising twist took place subsequently. The trader brought back approximately the same $ETH amount of 5,660 $ETH. This figure still has a worth of $13.1M.
The Loss is Significantly Low in Comparison with the Traders’ Former Wins
However, a minor price difference paved the way for a huge loss of up to 30.8 $ETH, equaling almost $71,400. According to Lookonchain, though the extent of the loss is small in comparison with the scale of the profits of the trader, this underscores the crypto market’s inherent volatility.