Trader earns $ 1.1 million on Ethereum in just two days

An anonymous crypto trader made $ 1.1 million in just two days using a short position on Ethereum ETH $3,372.84 Bridged Ether (StarkGate) 1.44% Market capitalization $0.3 billion VOL. 24 hours $0.58 billion . The investor, who acted through the GMX cryptocurrency exchange, opened the position on December 23, when the ETH rate was $ 1,295. After the price dropped to $ 1,217, he closed the position on December 25, making a significant profit. The total volume of the trader’s transactions exceeded $ 31 million. This was noted by Lookonchain analysts.

The deal was made possible by a significant drop in the Ethereum market, which experienced a short-term decline due to negative sentiment in the crypto industry. At that time, many other traders were recording losses, but the correct market analysis allowed this player to take advantage of the situation.

It’s worth noting that the GMX platform allows for high-risk leveraged transactions. This creates both great profit opportunities and significant risks. In this case, the trader managed to successfully predict the change in the rate of the leading altcoin.

In light of such news, experts emphasize the importance of understanding the market and the ability to respond quickly to its fluctuations. At the same time, such successes draw attention to the GMX platform, which is becoming more popular among crypto traders due to its low fees and convenience.