"Don't think that people don't make a profit when crypto is bleeding, this trader makes a lot of money, you know."
Right after the cryptocurrency market saw a crash in mid-August 2023, an anonymous user on the perpetual decentralized exchange GMX managed to make $1 million by shorting Ethereum (ETH) at a high price a month ago.
Trader GMX opened a short position on July 14, 2023 when the price of ETH was at $2,000 then closed it on August 17, 2023 when the digital asset slipped to $1,700 and made a profit of $1 million.
After making a large amount of profit, the trader again opened another position but this time long ETH, which he entered when the price was at $1,624 and is now trading higher at $1,631.
Please note that the trader has achieved a very high level of success as eight out of ten trades have achieved high returns.
However, it should also be noted that other digital asset traders have not had similar success but at the same time have not recorded significant losses following the recent horizontal movement of the crypto market.
It was reported earlier this week that Mechanism Capital Co-Founder Andrew Kang lost over $430,000 on August 18, 2023 when he opened long positions in Bitcoin (BTC), ETH and Arbitrum (ARB) using high leverage.
So far, the price of ETH recorded a decrease of around 1.98% in the last 24 hours with a market capitalization of $195 billion and a trading volume of $7 billion followed by a slip of 10.75% over the last week.
