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A crypto trader known as 'qwatio' has suffered staggering losses, totaling $12.5 million, after being liquidated eight times within a single week. This series of unfortunate events highlights the extreme volatility and high risks associated with leveraged trading in the cryptocurrency market, particularly with assets like Ether and Bitcoin.
A Week of Liquidations
Qwatio's recent trading misfortunes began with a series of liquidations that saw significant portions of their leveraged positions wiped out. The losses escalated rapidly, culminating in a total of $12.5 million.
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Initial Losses: By Thursday of the previous week, qwatio had already been liquidated six times in just three days, incurring losses of $10 million.
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Latest Liquidations: On Monday, further liquidations occurred, including a 25x leveraged Ether (ETH) position and a Bitcoin (BTC) position. The new liquidation price for ETH was set at $2,534, while for BTC it was $109,170.
From Profit to Peril
Ironically, qwatio had previously demonstrated considerable success in the volatile crypto market. In March, the trader netted a substantial profit by strategically leveraging positions.
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March Successes:
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A $6.8 million profit was secured by going long on Ether and Bitcoin with 50x leverage, coinciding with a significant market event.
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In another trade in March, qwatio also opened a $3.46 million position with 50x leverage on the MELANIA memecoin.
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Successfully defended a 40x leveraged Bitcoin position from whalers who tried to liquidate the position.
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Sources
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Trader Liquidated Eight Times In A Week, Cointelegraph.
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