GMX Trader Makes Over $1 Million Shorting and Then Longing Ethereum During Crypto Market Crash: On-Chain Data
Blockchain tracker Lookonchain reveals that a trader using the decentralized exchange (DEX) GMX accurately predicted Ethereum’s price movement and made more than $1 million. The trader shorted ETH when it was near a recent high at $2,000 and closed the position after the market crashed, resulting in a profit of nearly $1 million. The trader then went long on Ethereum and is currently making a $145,721 profit.
Key Points:
– Trader accurately predicted Ethereum’s price movement, resulting in a profit of over $1 million.
– GMX specializes in perpetual futures and offers low swap fees and low-price impact trades.
– The DEX is live on Ethereum scaling solution Arbitrum and smart contract platform Avalanche.
– Not all GMX traders were successful, as one trader lost around $1.07 million by going long on Bitcoin before the market crash.
Hot Take:
The success of this GMX trader highlights the potential for significant profits in the crypto market, but it also serves as a reminder that not all traders are successful. It’s crucial to carefully analyze market trends and make informed decisions when trading cryptocurrencies.
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