A crypto trader has recently undergone considerable losses in a short Ethereum ($ETH) position. Specifically, the trader, “pension-usdt.eth,” has closed a short $ETH position, incurring a $3.4M loss. As per the data from Lookonchain, the development takes place following several notably profitable trades. However, irrespective of the latest setback, the trader maintains a key position among the sharpest crypto traders.
Pension-usdt.eth Faces $3.4M in Loss on $ETH Short as Market Shows Resilience
With the recent closure of the short $ETH position, the trader, pension-usdt.eth,” has experienced a $3.4M loss. Before this, the trader witnessed huge gains, becoming one of the sharpest traders. Particularly, out of the total 70 trades that the trader performed, he has gained 83% rate of winning. Hence, the trader has obtained a cumulative $21.84M in terms of profits. As a result of this, the latest loss does not make a noteworthy impact on the trader’s success rate.
Previously, on the 27th of December, the trader shifted from long to short. At the time, “pension-usdt.eth” closed a gain of up to $278,000 in a long $ETH position. Following that, the trader opened a huge 3x $ETH short on up to 20,000 $ETH. The respective amount had a value of nearly $58.44M. So, the trader had a solid conviction in $ETH’s bearish momentum. Nonetheless, the market resilience pushed him to close the position, costing $3.4M.
Market Volatility Warns Against High-Risk Strategies
According to Lookonchain, after making substantial gains in a smart manner, the latest $3.4M loss on a short position comes as a shock to “pension-usdt.eth.” In this respect, the trader has closed 3 $ETH shorts cumulatively on the 29th of December. This highlights a sudden retreat and the risks of dealing with aggressive strategies.
Source: https://blockchainreporter.net/smart-crypto-trader-closes-eth-short-position-incurs-3-4m-loss/
