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Ethereum Whale Nets $12.15M by Flipping Long and Short Positions

  • Ethereum trader 0xcB92 earned over $12 million in unrealized profit by flipping between long and short positions within 9 trading days.
  • The trader also earned almost $173,000 in funding fees, demonstrating a deep understanding of Ethereum price trends and risk management.
  • The trader made the substantial profit by shorting about $40,000 worth of Ethereum using a 10x leverage.
  • Despite market volatility, the successful short position showcased the potential for significant returns in trading.
  • Lookonchain, a blockchain analytics platform, tracked the trading activities of wallet 0xcB92 starting May 26th.
  • 0xcB92 initially entered a long position with 15,000 ETH ($38.57 million) using a 25x leverage, making around $3 million in unrealized profit.
  • The trader then switched to a short position on June 11th, earning $187,000 in profit.
  • Further increasing leverage by depositing $3.37 million USDC, the trader made an additional unrealized profit of $9.37 million.
  • In total, within the 9 trading days, the trader accumulated $12.15 million in unrealized profits and nearly $173,000 in trading fees.
  • The trader's strategic moves and insights into Ethereum price movements were key to the successful trades.

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