According to PANews, a prominent Ethereum trader, known for consistently successful trades, recently closed a significant short position following a surge in Ethereum's price. The trader, who had maintained a 100% success rate in previous trades, experienced a substantial loss after Ethereum's price exceeded their short entry cost.
The trader initiated a short position on June 11, involving 50,000 ETH. As of June 23, when Ethereum's price dropped to $2,200, the position had reached a peak unrealized profit of $22.83 million. However, with the recent increase in Ethereum's price surpassing the short entry cost of $2,725, the trader closed the position at $2,740 per ETH, resulting in a loss of $710,000.
This development highlights the volatility and risks associated with cryptocurrency trading, even for experienced traders.
