Neo Pepe Coin Surpasses HYPE, Setting Astonishing New Records With 1.1 Million Raised
HyperLiquid Trader Turns $10M Profit Into $2.5M Loss as Bitcoin Falls
- News In 4 Seconds
Oliver Knight
- 0
- 3 minutes read
A trader on decentralized derivatives exchange HyperLiquid has turned an unrealized $10 million profit into a $2.5 million loss, seemingly caught by the same trap that tripped up a person using the alias James Wynn, who blew up a $100 million account in May, after bitcoin
fell 4% from Monday’s high.
The trader, known as AguilaTrades on X, entered a bitcoin long position at $106,000, and sat through at Monday’s high of $108,800 before the largest cryptocurrency took a tumble to trade recently around $104,000.
STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today.See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to ourterms of useandprivacy policy.
Bitcoin volatility has been relatively low for months, with the price ranging between the $100,000 level of support and record highs around $110,000. That hasn’t perturbed derivatives traders, who are continually betting on upside with leverage, subsequently getting chopped in a tight range.
It’s not the first time AguilaTrades has recorded a losing trade at these levels. Last week they were up $5.8 million on a BTC long before losing $12.5 million, according to Lookonchain.
On paper the trade has credentials because BTC has managed to remain above $100,000 despite escalating conflict in the Middle East, which is typically a catalyst for downside in risk assets.
However, remaining agnostic to price action in this range and simply buying support and selling resistance would have yielded far greater results. Bitcoin has been trading in this range since May 9 with numerous attempts at breaking support and resistance along the way.
