- Ethereum trader 0xcB92 successfully made over $12 million in unrealized profit from strategically flipping between long and short positions within 9 trading days.
- By timing the market, the trader also earned almost $173,000 in funding fees, showcasing ‘their’ deep understanding of Ethereum price trends and risk management.
An Ethereum trader has managed to turn the eyes of many in the crypto space after successfully making over $12 million in unrealized profits from shorting about $40,000 worth of Ethereum and using a 10x leverage.
In addition to the huge profit, the trader has also accumulated about $172,800 in funding fees, showcasing their precision and timing in the market. The trade has drawn significant attention to the trader, the price of Ethereum, and also the funds accumulated from trading fees. This trade has shown that a well-executed short position can deliver huge returns even in volatile markets.
How Trader 0xcB92 Earned $12M Trading Ethereum
On the 26th of May, Lookonchain, a blockchain analytics platform, started to monitor the trading movement of a wallet labelled as 0xcB92. The first recorded details suggested that the trader entered a long position with about 15,000 ETH ($38.57 million) using a 25x leverage. The trader set the liquidation price at $2,441.9, meaning that if Ethereum drops to that level, their position would be completely wiped out.
From that trade, 0xcB92 made about $3 million in unrealized profit. However, the trade didn’t end there; the trader switched his long position and started selling the market. On the 11th of June, he opened a short position and made a profit of $187,000. The wallet went on and deposited another $3.37 million USDC to increase his leverage, and two days later, he made another unrealized profit of $9.37 million.
Within the last 9 trading days, the trader made about $12.15 million in unrealized profits and almost 173,000 in trading fees, highlighting the trader’s strategic move and risk-taking, but more importantly, his understanding of ETH price movements.
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