The prominent trader recently lost more than $6 million after a long trip to Ethereum (ETH) on another market correction crisis. Traders have $43 million, which means they only secure a small profit.
“easy come easy go”
Traders were able to turn $125,000 to $29.6 million in just four months by going irresponsibly long at Ethereum (ETH).
The trader “brilliantly” complicated the profits, bringing all profits back to his ETH for a long time. He was able to accumulate a huge ETH position worth around $303 million in the end.
His peak profits reached a whopping $43 million after months of legendary moves.
But things quickly moved south, and trader profits began to shrink rapidly.
On August 18, traders closed all ETH Longs, securing a massive profit of $6.9 million.
Though the aforementioned amount is far from the peak value of his account, he still managed to leave with 55 times the profit.
But the traders didn’t stop there. According to LookonChain, traders eventually lost all remaining profits during the latest market crash and eventually resumed ETH.
His account is worth just $771,000 after almost all of his profits have been wiped out.
The trader is still sitting five times more, but the loss must have been catastrophic for him.
16% correction
Ethereum ran a monster run last July, and it rose by a whopping 49%.
Supported by a strong influx of ETFs and increased corporate recruitment, Altcoin extended its rally in August. It peaked at $4,791 earlier this month, bringing its awfully close to reaching a new all-time high.
However, the rally is currently at a dead end when ETH prices plummeted to a low in-day price of $4,064 earlier this Wednesday.
The token recorded a 16% revision from the aforementioned local peak.
