Checkout How A Solo Trader Lost $55M In Cryptocurrency

An unidentified solo trader or entity lost $55 million in a sudden ethereum long trade

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The trade was executed with Binance USD (BUSD) on crypto exchange Binance on August 17, 2023.

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The losing position consisted of massive 38,986.528 ether (ETH)

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The Trade was liquidated at a price of $1,434, accounting for almost 30% of all liquidated futures on Binance.

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The significant loss indicates that the trader could be a large firm or a substantial holder of ethereum

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The price of ethereum dropped sharply from $1,780 to a low of $1,560 within minutes, on 17 august 2023

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The sudden drop in ethereum's price coincided with possibly triggered by unverified rumors about SpaceX selling its bitcoin holdings.

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SpaceX's actions were actually a write-down of their bitcoin holdings' book value, but the market misinterpreted this as a sign of selling, resulting in selling pressure

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This led to an impact greater than the collapse of the FTX crypto exchange.

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