Analysts at Lookonchain drew attention to a trader who was able to win over $1,1 million by betting on the price of Ethereum (ETH) to fall. He bet on the asset's price to fall, using 50x leverage when cryptocurrency traded at $3428.
As a reminder, a short position is a market trading strategy used by investors who expect a certain asset to fall in value. This method is sometimes also referred to as short trading.
The trader opened the position on December 24 and two days later received an unrealized profit of $1,1 million. At the same time, during this time, the ETH rate fell from $3428 to $3359. Analysts noted that before the trader placed the bet, the asset's value had been growing for two days in a row.
In addition to the direct income from the decline in the cryptocurrency rate, the trader received an additional profit of $680,000 due to the commission for funding his own position in the market. At the moment, it is known that the investor sold at least 19 ETH for $186 million.
According to experts, the trader is most likely an experienced player in the market, having correctly chosen the moment and calculated his strategy of actions during the change in the value of the coin.
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