Trader Who Predicted Ethereum's Collapse Earns $9.37 Million!
An anonymous trader who accurately predicted the sharp decline in the price of Ethereum (ETH) has drawn market attention by realizing over $9.37 million in unrealized profits.
The cryptocurrency market has experienced significant fluctuations recently due to rising tensions between Iran and Israel. In particular, Ethereum saw a rapid decline from around $2,600 levels. However, some investors who anticipated this steep drop in the market and took positions reaped substantial profits. One of them was trader '0xcB92'.
Trader 0xcB92 drew attention with his large short (selling) move regarding the drop in Ethereum. On June 11, this trader increased his short position by investing $3.37 million in USDC, raising his position to a total of 40,000 ETH (worth approximately $114 million). Although he was about $2.5 million in loss at that time, recent developments in the market worked in his favor, and his unrealized profit has now reached $9.37 million.
This trader's significant move carried the risk of being liquidated if the price of Ethereum rose to $2,938. However, the sharp decline of Ethereum due to geopolitical tensions turned the trader's risky position into high profits. In the cryptocurrency community, the investor's bold move is being closely monitored in terms of market strategies.
Twitter Post: Trader 0xcB92, who foresaw Ethereum's collapse, made headlines by earning $9.37 million with his opened short position!
