Checkout How A Solo Trader Lost $55M In Cryptocurrency


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

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

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

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

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

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

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

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 

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