Bitcoin rose to $110 thousand. The top cryptocurrency trader Qwatio has suffered staggering losses. His positions worth 1,177 BTC ($128.3 million) and 34,466 ETH ($86.82 million) were liquidated on the decentralized exchange Hyperliquid. Thus, he lost $15 million of his own funds in just 10 days.
The Qwatio trader uses a huge leverage and a strategy of betting on a falling price (short). However, when the market goes up, his positions are liquidated. This is not the first time the trader has faced massive losses.
On July 2 alone, the trader lost $5.2 million on 16 short positions on BTC and ETH.
Another well-known trader, James Wynn, suffered losses of more than $100 million in June, when bitcoin briefly dropped below $105,000.
In May, he opened a $1 billion short position on Bitcoin (BTC) using 40 times leverage, risking his entire wallet of $50 million. But he later closed the position with a $1 million loss.
This trader is known for high-risk bets that brought him millions. For example, in 2022, he became famous for his forecast of PEPE growth. Having invested $7.6 thousand, he made a profit of $25 million. However, in May of this year, Wynn lost $87 million, leaving him with only $23 million on his account.
Source: Lookonchain