In the right direction of the wind. The night of August 17 to 18, 2023 was particularly violent for the cryptocurrency market. But, whilea billion dollars of positions were liquidated in a few hours, some were able to fill their loved ones. And not just a little. A short seller on Ethereum (ETH) thus succeeded in become a millionaire in the middle of this bloodbath.
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Betting low on Ethereum has paid off big
Thursday evening August 17, between 11 p.m. and midnight, almost all crypto-assets (excluding stablecoin of course) suddenly lost aroundten percent on their rating. Ethereum in particular was not spared. But some have managed to pull out of the game thanks to this flash crash impromptu.
A decentralized exchange trader GMX had the good idea to take a position of short sale (shorts) on July 14, when theether briefly exceeded $2,000 the unit. As can be seen on the chart below, shared by lookonchainso this trader then has closed his position that infamous blood-red night of August 17, as ETH dipped below $1700.
As reported by Lookonchain, the lucky downside bettor pocketed a profit of almost $1 million by the way ($992,784 to be precise). A hell of a tumble for a position that has only been open for just over a month.
Our short seller is not the bigoted anti-crypto type, but rather the kind volatility profiteer ruling the crypto-asset market. So shortly after closing his short position, our trader this time took a long position (long) on Ethereum! Its admission price was then $1,624which means that it is already in profit, since ether has rebounded slightly sinceand trades at $1,664 at the time of this writing.
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